Law 2101 Study Guide - Quiz Guide: Quid Pro Quo, Specific Performance
Document Summary
Contract law-a set of rules and principles that governs transactions among parties thereby setting rights and obligations of these parties. Exchange- the core of a typical contract where one party gives something to another party and receives something to another party and thus receives something else in return. (belief that both parties benefit from the exchange) Gratious contracts- a promise to make a gift, the law can make the promise enforceable even if only one party will benefit from it: sources of contract law. The sources help us to distinguish between 3 types of rules that are relevant in this field of law which are: rules made by contracting parties, rules that emerge from national, european and. Supranational law: informal rules made by others (e. g non-state organisations) Freedom of contract- the parties can decide whether they want to contract and with whom. Additionally, they can also determine the content of the contract.
