Law 5110 Study Guide - Quiz Guide: Retail, Hugo Grotius, Soft Law
Document Summary
A contract is a legally binding agreement that will be enforced by the law. A contract gives rise to obligations between the parties to the contract and the failure to perform these obligations gives the right to a remedy. How do we classify contracts: by type of parties, b2b - business to business, b2c business to consumer, c2c consumer to consumer, by reason for performance, a promise in exchange for a promise. Bilateral contract; example: the sale of a bike: a promise in exchange for an act. The law responds by providing mandatory provisions that may not be contracted out of. Example: selling a mansion worth 500k for 500 euros. The party agreement can be made up of: Official/formal sources special contracts: national law, european law, Informal sources non-binding soft law, pecl, picc, us restatement, Concensus ad idem to have the same understanding of the terms of the agreement.
