BUSI 2601 Chapter Notes - Chapter 3: Business Communication, Fax, Cash Register
6 Feb 2018
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A contract is a deliberate and complete agreement between 2 or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily. By definition, a contract is enforceable in a court of law: agreement: composed of an offer to enter into a contract and an acceptance to that offer. The promises contained in the agreement are known as terms. As a general rule, only parties to a contract can sue and be sued on it: supported by mutual consideration: a contract involves a bargain or exchange between the parties. In general, the rules governing contract law are based on common law. Contracts come in a wide variety, but contract law principles will be applied by a judge to resolve a contractual dispute between the parties, whether the parties were aware of those principles or not. Legal factors in their business context: creating a contract.
