LAW 122 Chapter Notes - Chapter 7: Objective Test, Kijiji, Ason
9 Jan 2014
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Chapter 7 the nature and creation of contracts. And it involved a mutual exchange of value, you both gave up something as part of the deal. A contractual relationship can continue even after there has been an exchange of value: one reason for entering into a contract may be to reserve some rights and obligations for the future. These choices that you made yesterday may even affect you today. Most contracts are performed w/o problems, but also true that most of the problems that do arise are avoidable. They occur b/c the parties failed to think carefully about the legal implications of their actions. Legal proceedings tend to signal the end of a relationship the long-term benefits of retaining a healthy commercial relationship are often more impt. Doesn"t apply to family and social settings. Historically = promises intended to be binding. Contract doesn"t have to be written oral contracts can be legally binding but hard or can"t be.
