Philosophy 2080 Study Guide - Midterm Guide: Meeting Of The Minds, Expectation Damages, Promise This
4 Dec 2017
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Contract: an agreement that is legally binding (and enforceable): don"t need a signature, can contain promises, based on mutual promises, must have a legal consequence. Formal contract: a written contract: have to be in writing in order to be enforceable, defined in the statue of frauds. Simple contract: a verbal contract: e. g. ordering something when you are out for lunch, e. g. take a cab, get on the bus. Terms of the contract: what the parties have to do. Note: a contract should be supported by consideration . Consideration moves from the promisee to the promisor. Promisee: the person suing to enforce the promise of the other (i. e. the promisor), i. e. Promisee: the person suing to enforce the promise of the other (i. e. the promisor), i. e. trying to prove that consideration moved from them to the promisor. Thing of value, the subject matter of the agreement. Can"t be something that you are required to due by the government.
