BUS 393 Lecture Notes - Vending Machine, Reasonable Person, Estoppel
19 Sep 2012
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Document Summary
Contact: exchange of promises enforceable in court. Freedom of contract: the freedom to agree to anything. Statute of frauds: legislation which requires some agreements to be in writing. Consensus: a mutual agreement between the parties. Consideration: what each party must do to participate in the contract. Capacity: parties to a contract must be legally capable of entering into the agreement (no insane or drunk people, aliens, limited on infants) Legality: the object and consideration must be legal and not against public policy. Intention: both parties must be serious and intent that enforceable legal acts can arise. Parol contracts: simple verbal or written contracts without a seal. Express contract: contract where the parties have expressly stated their agreement either verbally or in writing. Implied contract: contract inferred from the conduct of the party (ex: you put coin in a vending machine) Valid contract: a contract which has legal binding on both parties.
