LS283 Chapter Notes - Chapter 5: Bargaining Power, Best Response, Reputation Management
31 Jan 2019
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Objectives: the general concept of a contract. Contracts: a deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily. Composed of an offer to enter into a contract and an acceptance of that offer. Informing idea behind the contract - "meeting of the minds"; parties have agreed on what their essential obligations are to each other. Agreement must be deliberate; both parties must want to enter into a contractual relationship. Formally known as, intention to create legal relations. Agreement must be freely chosen and not involve coercion or other forms of serious infairness. Parties: those who enter into a contract. Must be at least two parties to any contract, who must have legal capacity. General rule: only parties in a contract can sue and be sue on it on it.
