LAW 201 Study Guide - Final Guide: Specific Performance, Contract
Document Summary
T(cid:449)o highl(cid:455) ratio(cid:374)al far(cid:373)ers ha(cid:448)e (cid:272)rops read(cid:455) to har(cid:448)est (cid:272)ould help ea(cid:272)h other (cid:271)ut do(cid:374)"t trust (have no kindness) Lack of trust: renders non-simultaneous exchange impossible among strangers, contracts allow us to create binding obligations, making non-simultaneous transactions possible, => great deal is lost (cid:272)ould"(cid:448)e har(cid:448)ested (cid:271)oth (cid:272)rops. Every day, non-simultaneous exchanges examples: taking the bus or cab, purchases, enrolling in classes. The gap (cid:894)(cid:271)et(cid:449)ee(cid:374) o(cid:374)e perso(cid:374)"s perfor(cid:373)a(cid:374)(cid:272)e a(cid:374)d the other(cid:895) What are contracts for? (main) function: to permit people who are strangers to one another to make non-simultaneous exchanges. = an agreement that the law will enforce aka contract = agreement + legal enforcement. For the purposes of contract law, an agreement is forms by an offer followed by an. Offer = the communication by one part (the offeror) to another party (the offeree) of an intention to (cid:271)e (cid:271)ou(cid:374)d to (cid:272)ertai(cid:374) ter(cid:373)s, upo(cid:374) the pa(cid:455)(cid:373)e(cid:374)t (cid:271)(cid:455) the offeree of a (cid:272)ertai(cid:374) (cid:862)pri(cid:272)e(cid:863) [o(cid:374)e step a(cid:449)a(cid:455)]
