MANAGMNT 260 Lecture 6: 9.30 class mgmt
21 Mar 2016
School
Department
Course
Professor
Document Summary
Typically common law provides the basis for contracts except sales and leases. Exception sales and lease contracts are primarily governed uniform. Function of contract law: provides stability and predictability for commerce. Definition of a contract: promise 1 set of promises, for breach of which, the law provides a remedy, or the performance of which. Legality: purpose of contract must be legal at the time of execution. Contract is judged by a reasonable person in the oferees position would conclude about the offer. Irrevocable: offer can"t be revoked once performance has begun. Implied: formed by the conduct of the parties. Executed: a contract that has been fully performed on both sides. Executory: a contract that has not been performed on both sides. Valid: agreement, consideration, contractual capacity and legality. Voidable (unenforceable): party has the option of avoiding or enforcing the contractual obligation. Equitable remedy created by courts, and imposed on the parties in the interest of fairness and justice.
