COMM231 Study Guide - Midterm Guide: Uberrima Fides, Estoppel, Root Mean Square
7 Dec 2017
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Contract law contract law: an agreement b/n two parties that is enforceable in a court of law rules concerning contract law are mostly based on common (judge-made) law (precedent) Generally not required to be in a particular form but clear agreement on all essential terms is necessary fundamental rule: contract is formed only when a complete offer is unconditionally accepted by the other party. Necessary elements of a contract if one of these elements is missing you cannot have a contract. Agreement is composed of an offer and acceptance (must have before a contract can be made: offer a promise to perform speci ed acts on certain terms (offeror makes offer, offeree receives it) Certainty of offer: offer can achieve the requisite standard of certainty even if it leaves certain matters to be decided in the future (i. e. no set price but a set way of determining the price)
