LAWS 2202 Lecture Notes - Lecture 5: Neoliberalism, Classical Liberalism, Treasury Board
11 Dec 2016
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Document Summary
At their core, a legally binding contract requires three essential elements: offer. A making a proposal of some kind of exchange: acceptance. A party who receives the proposal and finds it agreeable, thus offering acceptance: consideration (exchange of value) The bargain that is being proposed and agreed to has to involve an exchange of value. This exchange does not have to be fair. Contracts can range in complexity from extremely simple to remarkable complex. More complex contracts are characterized by more terms and condition, or elements of the legally binding agreement. Law of contracts represents a large and specialized legal field, in which complex contracts and contractual arrangements may require formal adjudication when in dispute or purported breach of contract: breaches can involve other parties. Disputes can take a wide range of forms from questions of payment, timeless, direct and indirect liability, and the applicability or interpretation of clauses or terms and conditions.
