Law 5110 Study Guide - Quiz Guide: The Seller, Soft Law, Contract
Document Summary
A legally binding agreement which can be either written down or oral. Contract law ensures that the contracts are binding and can therefore be enforced in the courts in the case of non-performance. The law is obliged to treat all contracts equally, regardless of who the parties are or what is being exchanged. B2b contracts = contracts between business and business, or commercial contracts. B2c contracts = contracts between business and consumer. C2c contracts = contracts between two individuals, consumer to consumer. What the parties need to do under the contract. The seller and buyer have different obligations in their contracts, to the employer and employee in their contract. These specific contracts have their own specific rules, laid down in national civil codes or developed by the courts. The reasons why parties want to be bound. Bilateral contracts, for example b2c contracts (parties obliged to each other). Unilateral contracts, for example contracts of donation, (nothing promised in return).
