BU231 Lecture Notes - Lecture 4: Timesdaily, Estoppel, W. M. Keck Observatory
Document Summary
Its prepared ahead of time to benefit the business; employees, suppliers, etc. are not taken into consideration. A promise or set of promises which the law will enforce. Voluntary legal relationship unlike any other laws (tort and criminal liability are legal obligations forced upon people) Breach of contract: the cause of action that is used to force someone to live up to their promises or pay the price. Elements of the breach of contract cause of action. The contract remains a term or clause that requires the other party to fulfill (perform) an obligation. Other party did not do what was required by contract- if even just one term wasn"t followed you can sue the other party for breach of contract. Offer; can"t be vague, has to have enough details. Acceptance; saying yes (nodding, shaking hands, etc. are universal signs) Consideration; the amount that flows between the two parties, what each side is receiving; the value of it.
