GEOLOGY 002 Lecture Notes - Lecture 9: Specific Performance, Quid Pro Quo, Consumer Protection
Document Summary
Chapter 4 - the law of contract: contract law. Contract law- a set of rules and principles that governs transactions among parties and thereby setting the rights and obligations of these parties. Exchange- the core of a typical contract where one party gives something to another party and receives something in return. It is prompted by the belief that both parties benefit from exchange. Gratuitous contracts- a promise to make a gift, the law can make the promise enforceable even if only one party will benefit from it: sources of contract law. Types of rules relevant to contract law: rules made by contracting parties, rules that emerge from national, european and supranational sources, internal rules made by other (e. g non-state organisations, rules made by contracting party. Freedom of contract- the parties can decide whether they want a contract and with whom. Additionally, they can also determine the content of the contract.
