BUS 393 Chapter Notes - Chapter 3: Estoppel, First Nations, Insurable Interest
11 May 2016
School
Department
Course
Professor
Document Summary
Contract: a voluntary exchange of promises or commitments between parties that are legally enforceable in our courts. Although it is prudent practice, in most situations there is no requirement that a contract be in writing: consensus (page 68) Consensus is normally achieved through a process of offer and acceptance, which results in a shared commitment when both parties clearly understand the obligations and responsibilities they are assuming. It is important to remember that a court may find that a consensus exists even when no specific offer or acceptance can be identified. Nor is it necessary for both parties to have a complete understanding of what they have agreed to. The only requirement of a consensus is that the terms are clear and unambiguous. A basic principle of contract law is that the courts will give effect to the reasonable expectations of the parties.
