COMM231 Chapter Notes - Chapter 5-7: Parol Evidence Rule, Posting Rule, Condition Subsequent
26 Nov 2015
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Contract deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily. Composed of an offer to enter into a contract and an acceptance of that offer. Deliberate both parties must want to enter into a contractual relationship. Voluntary must be freely chosen and not involve coercion or other forms of serious unfairness. At least 2 parties to any contract, sho must have legal capacitry. Only parties to a contract can sue and be sued on it. Involves a bargain or exchange between the parties each party must givensth of value in exchange for receiving sth of value from the other party. Not necessarily in writing contract in writing. Even oral are enforceable, it is preferable for negotiators to get the. If a dispute arises between the 2 parties, various options for dispute resolution.
