LAW 201 Chapter Notes - Chapter 8: Kaustinen, Expectation Damages, Browse Wrap
Document Summary
Intention to contract: parties must intend to be legally bound by the terms of their contract, commercial settings: intention to be legally bound is presumed. I. e. using public transit or going to the movies. Acceptance: the final and unequivocal assent to an offer made by the other party to a contract. Agent: a person appointed by a party to a contract who has authority to enter into the contract on behalf of the principle. Arbitration: parties to a dispute can decide to see an arbitrator instead of going to court. They enter into a contract with this arbitrator, in which they agree to be bound by their decisions. Caveat emptor: a latin phrase meaning (cid:498)buyer beware(cid:499). )n contract law, this means that buyers are not protected from errors in judgement. If a condition is beached, the innocent part is normally entitled to damages, to treat the contract as breached, and to refuse to continue performing their part of the contract.
