BUS 393 Study Guide - Final Guide: Contract, Parol Evidence Rule, Collateral Contract

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Shafik Bhalloo

Document Summary

Agreement b/t two or more parties to do a particular thing, in exchange for something of value legally enforceable in courts. Types of contracts: retail store transaction, buying and selling, employment, house purchase or renting, obtaining a purchase. Essentials of a legally enforceable contract: must be between two or more parties. Terms is certain a firm offer, not i am thinking of . There is consensus in the form of offer and acceptance. If any, comply with requisite formalities (eg writing requirement) Written contract is not a legally required: good practice to put into written form provide evidence for contract, verbal contract can be just as binding. Exception: statue require some contract be enforceable only if it is in writing (eg) dealings with land, agreement to be responsible for debt of another. If writing is required, but absent, then contract is unenforceable.