BUS 393 Lecture Notes - Lecture 3: Contract, Land Contract, Making Money

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Shafik Bhalloo

Document Summary

Ch 3 & 4 formation of contracts & enforcement. The who, what, where, when and how of the agreement. Contracts are in everything, happens all the time. May not be written or could be verbal. Who: wife and man to kill the husband. Illegal subject not enforceable such as contract to kill, drugs. Intention is important to a contract becoming enforceable or not enforced. Promises must buy the promisor"s promise by giving consideration, Contract must comply with the requisite formalities, if any; and (eg. contacts for the purchase of land in writing). Land contract has to be in written, verbal contracts don"t count. Parties much have capacity to enter into a contract. Parties must have mental capacity, be of age. Nurse was sent out and was making money from the old lady. Employer sued the employee also (third party sue) Similarities and differences of contractual and tortious obligations. Breach of obligations in both gives rise to an action.