ADMS 2610 Lecture Notes - Lecture 7: Contingent Liability, London Agreement On German External Debts, Condition Precedent
30 Sep 2015
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Document Summary
Chapter 10 the requirements of form, writing and privacy. Formal and simple contracts: two types of contracts, formal contract. A contract deriving its validity from the form that it takes. Does not depend upon a prescribed form for its enforceability. Imposed the requirement of writing for certain informal contracts: to prevent perjury and fraud with respect to leases and agreements concerning land, provinces where the statutes is no longer applicable, require certain contracts to be in writing. Assumed liability: tort: applies when a third party promises to compensate a person who is injured by the tortuous act of another. The party who wishes to enforce the agreement need not be a signatory. Exception 1: condition precedent: condition precedent a condition that must be satisfied before a contract may come into effect, first exception to the parol evidence rule. Implied term the insertion by the court of a standard or customary term omitted by the parties when the contract was prepared.
