Law 5110 Study Guide - Quiz Guide: Retail, Savoia-Marchetti Sm.75, Natural Person
Document Summary
Classification of contract: by type of parties, b2b, b2c, c2c, by reason for performance, each party assumes an obligation to do something: bilateral, a party is not promised anything in return for the performance: unilateral. Sources of contract law: primary sources, legislation civil codes/acts/statutes/regulations, ratified international instruments, case law precedent (common law, secondary sources, restatements/principles, commercial custom, academic writing. Fundamental principles of contract law: freedom of contract, on whatever terms, whenever desired, with whomever, assumes equality of bargaining power, binding force, principle of informality: If consensus ad idem is what creates the binding effect, then nothing more is needed: contractual fairness good faith, procedural fairness as opposed to substantive fairness. A contract is an agreement legal rights and obligations the court will enforce. Agreement = concensus ad idem: to have the same understanding of the terms of agreement. Only where parties are of the same mind (mutual assent) will the court hold them to their agreement.
