COMM 315 Chapter Notes - Chapter 4: Contract, Annulation, Punitive Damages
6 Mar 2017
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Contract - business agreement that people enter into voluntarily. For obligation to exist in law: must be at least two parties who agree to do something for each other, must be prestation that is object of obligation, must be lawful reason for undertaking obligation. Prestation: payment/performance, rendering of service, doing/not doing something. Obligations can also come from act carried out by someone. If clauses of contract don"t provide for solution to speci(cid:202)c problem, then general provisions of civil code are used to compensate missing elements of contract. Contract of adhesion - conditions drawn up by only one party and other party can only accept or not enter into contract. Contract by mutual agreement - both parties discuss and agree on all conditions of contract. Synallagmatic or bilateral contract - both parties have agreed to perform obligations. A pays b and b gives a a book. Unilateral contract - one party undertakes to perform an obligation.
