BU231 Lecture 13: Contract LAw
Document Summary
Voluntary set of rules that parties promise to follow. You would not otherwise have to follow them, but you agreed to it. You can"t seek compensation for your actions in a lawsuit if you act gratuitously. Ethically speaking, you would have to honour all promises, but under the law, you only have to provide services that have been part of a legal transaction. If they don"t follow them, they may be forced to follow them by the courts. Breach of contract is the cause of action that is used to force someone to live up to the promises they"ve stated in a contract or pay the price. Elements of the breach of contract cause of action. The contract contains a term or clause that requires the other party to fulfill (perform) an obligation. Other party did not do what was required by contract. Compensation is owing for value of unfulfilled obligation.
