LAW 1101 Study Guide - Quiz Guide: Quasi-Contract, Nonverbal Communication, Contract
Document Summary
Law 1101 review of contract laws and types of contracts. Contract o a contract is a promise or set of promises that are legally binding. (a promise is a declaration by a person(promisor) that binds the person to do or do not do a certain act. As a result, the person to whom the promise is made(promise) has a right to expect something will or will not happen in the future. The law provides a remedy for breach of promise. Breach o a failure to perform a contract properly feature of business o o. Has employees- a contract: ownership of physical land- a contract o. Internet connection, phones, - a contract: purpose- to provide rules, stability, predictably, reliability o. Legal consequences if either party does not yield to contract. A contract has been made the law provides a remedy for the breach. Mutual consent/agreement: an agreement to form a contract includes an offer and acceptance.
