BU231 Chapter Notes - Chapter 6: Consumer Protection
Document Summary
Contract: a set of voluntary promises that the law will enforce. Breech of contract: a cause of action where a party to the contract claims that the other party has not fulfilled its promises. Elements of breech of contract cause of action. There is a term of clause that requires the other party to fulfill an obligation. Other party did not do what was required in the contract. Compensation is owing for the value of unfulfilled obligation. There are 4 basic requirements to form a legally enforceable contract: offer, acceptance, consideration. Offer: a description of a promise one party is willing to make, subject to the agreement of the other party. It must contain enough particulars to form the basis of a contract. *advertisements are not offers: they are invitations to start negotiations. Ex: i"ll give you a (cid:498)fair share(cid:499) of business profits. This doesn"t mean advertisements can never be offers.
