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CONTRACT (terminate an offer (withdraw before offer is accepted, rejection…
CONTRACT
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vitiating factors
incapacity : minors , mentally unsound , incapacity
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4 key elements
a) Offer
by words or conduct, made by promisor to promisee communicating the offeror’s willingness to enter into a legally binding contract.
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B) Acceptance
by words or conduct, of agreement to the terms of the offer indicated by the offeror
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c) Consideration
price for which a promise is bought & has to be a valuable benefit in the eyes of the law. Eg. $3 million for a house
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law of contract
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2) establish commercial responsibilities & obligations eg : cleaning contractor to clean up lecture hall by 9am
- To allocate business risks in advance
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remedies
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equitable remedies
- by performance : court order for party in breach to perform obligations
- injunction : court order to refrain someone from committing breach
other avenues or claims
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arbitration : decision made by arbitrators , parties need not agree on outcome
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4 aspect of damages
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assessment : injured party to be in same financial position as if contract has been carried out well.
agreement
writing
purpose
1) show the existence of a transaction, indicating the terms and intentions of parties
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verbal / conduct
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eg ( conduct ) : a doctor see patient for a fee in exchange of giving treatment. no verbal agreement beforehand
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definition : agreement on specific terms between two parties in exchange for consideration. it is legally binding and enforceable by law