ACCT-311 Lecture Notes - Lecture 6: Lift Ticket, Quasi-Contract, Vending Machine
18 Mar 2016
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Contract: a voluntary exchange of promises, creating obligations that, if defaulted on, can be enforced and remedied by the courts. Writing down what two parties agree to: how is a contract obligation different from a tort obligation. Generally unrestricted exception it must be legal and meet common law requirements= freedom of contract. Intention both parties much be willing and able to deliver. General rule = oral contracts are as valid as written. But proof (evidence) of the contract"s obligations existing may be harder to prove. Oral contracts are enforceable in courts just like written contracts. Promise to marry- no enforceable for public policy reasons. Promise to give laptop on birthday not a contract because it"s hard to gauge how serious it was. Changes if it is put in writing (proof). Voidable can chose to end or continue. Void- invalid and does not exist from today forward. Void ab initio contract never existed in the first place.
