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Chapter 10

BULE 303 Chapter Notes - Chapter 10: Contract, Executory Contract


Department
Business and Legal Studies
Course Code
BULE 303
Professor
Alexandria Zylstra
Chapter
10

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BULE 303 Chapter 10 terms
promise
a declaration by a person to do or not to do a certain act
contract
a set of promises constituting an agreement between parties
objective theory of contracts
The view that contracting parties shall only be bound by terms that can objectively be inferred
from promises made.
bilateral contract
promise for a promise
unilateral contract
promise for an act
formal contract
requires a special form for creation
informal contract
doesn't require a special form for creation
express contract
contract formed by words
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