QST LA 245 Lecture Notes - Lecture 11: Liquidated Damages, Trade Secret, Natural Disaster
Document Summary
Contracts - a promise that the law will enforce (not all promises are contracts). Contracts = enforceable promise = a legally enforceable agreement. You can have a contract for whatever you want. As long as both parties are under equal power, you can make the contract and be bound by it. Things contracts have to limit risks for business: liquidated damages - are damages that are agreed upon and included in k if either party does, ex: your liquidated damages are your downpayment. So company would want to have a liquidated damages: limitation of remedies - limits what you can ask for in damages (limits like repairs, 3. replacement, refurbishment apple and their contract) Integration clause - whatever is in the written contract is final. Oral agreements do not override written agreement gives the company can"t govern everything their employees say to customer.
