CLAW1001 Final: Foundations of Business Law – CLAW1001 Mid Semester Exam Notes
31 Jul 2015
School
Department
Course
Professor
Document Summary
Contract: can be de ned as an agreement between two or more persons, which is legally enforceable and legally binding. Key requirements: for a contract to be formed, a promise between two or more parties must constitute an obligation that is legally enforceable. The law of contract states that a contract does not lay down the parties" rights/obligations, but merely sets out the parameters in which they can reach an agreement. The law of contract is not concerned with the speci cs of a party"s obligations, but rather the rules regulating the formation and performance of obligations. This is the case, as the parties themselves create obligations that form their legal relationship. Bilateral contract: an agreement in which each of the parties to the contract makes a promise or set of promises to the other party or parties (bilateral obligations, whereby there is performance by both sides).
