01:220:395 Study Guide - Final Guide: Daniel Kahneman, Comparative Negligence, Punitive Damages
18 Dec 2017
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Document Summary
Contract law: agreement between two or more parties to perform a service, provide a product, or commit to an act: enforceable by law, statute: a formal written enactment of a legislative authority. Bargain theory: mutual agreement between two parties that is voluntary and involves exchange of consideration (money, goods, service, or promise to do something) Contract enforcement: ability to enforce contracts and resolve disputes is fundamental for markets to function properly. Remedies: means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will (damages) Interpretation of contracts: which concerns how the courts decide what an agreement means. Efficient breach: voluntary beach of contract and payment of damages by a party who concludes that they would incur greater economic loss by performing under the contract.
