COMM 393 Chapter Notes -Forum Selection Clause, The Lapse, Syncrude
Document Summary
Class 3 & 4 july 8 & 10. 6 elements of contracts: offer, acceptance, intention, consideration, capacity, *not all contracts have to be in writing. Chapter 3 formation of a contract: offer and acceptance (pg. Parties choose to make a contract & only then become legally obligated to comply with its terms. Contract law empowers parties to create legal obligations that would otherwise not exist. Inequality of bargaining power or expertise between parties sometimes results in unfair contracts. Contract law has rules to manage these situations. Begin with a promise but not all promises become contracts. Contract law sets the rules of how ordinary promises become legally binding promises. A contract is a set of promises that the law will enforce. 4 basic requirements to form a legally enforceable contract: offer, acceptance, consideration, intention. A contract does not come into existence until an offer has been made by one party & accepted by the other.
