Law 2101 Study Guide - Final Guide: Black Letter Law, Business Matters, Rescission
23 Apr 2018
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Document Summary
Contract law is concerned with expectations induced by the conduct of others. These are induced by agreements and promises made between two parties: contract law concerns stability, certainty and predictablility on one hand, nd justice and equity on the other hand. Promises are the fundamental idea of a contract. A promise is an undertaking as to the future conduct of thepromisor to the promisee (the person who is promised to): contract is exchanging one promise for another promise. Most contract law is made by common law. Special contracts: that have special rules: sales of goods act, consumer protection act, domestic contracts (family law act) The technical aspects needed to prove contract formation: offer and acceptance, consideration: bargain for exchange of value, intention to create legal relations. An offer is an expression by one party of their assent to certain terms. The offeror is the one making the offer, the offeree is the one receiving the offer.
