BU231 Chapter Notes - Chapter 6: Standard Form Contract, Consumer Protection, Negative Option Billing
Document Summary
Chapter 6: formation of a contract offer and acceptance. Not legal obligations forced upon everyone like tort/criminal liability. Parties choose to make contract then become legally obligated to comply w terms. Inequality of bargaining power or expertise = unfair contracts: contract law addresses situations like this. Contract: set of promises that the law will enforce begins with a promise not all promises = contracts. Moral obligation to keep promises not legal obligations. Contract law : sets rules for how the ordinary promises = legally binding promises. 4 basic requirements to form legally enforceable contract: offer, acceptance consideration intention. Offer: description of a promise one party is willing to make subject to agreement of the other party. Offeree: person to whom offer is made. When offeree accepts offer (agreeing to description of promises/requests), the offer = contract. Co(cid:374)tra(cid:272)t does(cid:374)"t e(cid:454)ist u(cid:374)til offer is (cid:373)ade (cid:271)(cid:455) o(cid:374)e part(cid:455) a(cid:374)d a(cid:272)(cid:272)epted (cid:271)(cid:455) the other: both parties bound to carry out promises.
