BUSA 364 Study Guide - Final Guide: Rand Formula, Operating Lease, Automatic Stay
11 Feb 2014
School
Department
Course
Professor
Document Summary
Definition of contract: it is important that a contract be enforceable by law. Legality: consensus (offer and acceptance) (ch. 5, formalities (if required, consideration(ch. 6) Civil law (ccq 1385: consents (offer and acceptance) (1386-1387) same as consensus in common law, willingness to be bound (1388, capacity, formalities (if required) (1414-1415) (cause) (reason and legality) (1410-1411) (object) (legality of prestation) (1413 and 1373 par. : to establish, to determine whether there is a valid offer to enter into a contract and a valid. 1 addition criteria in common law; consideration: Ex: carlil v. the carbolic smoke ball company. Seriousness of intention for the pepsi point litigation was assessed based upon the objective standard of what a reasonable person would believe. Even if a valid offer as been made and there is consideration, there is no contract in law unless both parties intended to create a legally enforceable agreement.
