BLBU 2234 Chapter 9: LEGAL notes ch 9
23 Jan 2019
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Document Summary
Contract law is an important subject for the business manager. Basic to other fields of law as well (i. e. agency, partnerships, corporations, etc. ) Nearly every business transaction is based upon contract and the expectations the agreed-upon promises create. Saying that law arises from social necessity is tru of the law of contracts - vast / complicated institution of businesses can be conducted efficiently and successfully only upon the certainty that promises will be fulfilled. Law of contracts : law of enforceable promises. Common law : governed by state common law (incl. Contract law (as a whole) is not static property, copyrights, etc. ) Undergone changes throughout 19th-20th century (pg 172) Historically, contract liability was absolute and escape from liability. 20th century: limited the absolute freedom of contract and relaxed the requirements of contract formation. Common law governed by state common law. Restatements have been extensively relied upon and quoted in judicial opinions.
