BU231 Chapter Notes - Chapter 6: The Lapse, Breach (Security Exploit)
Document Summary
The role of contract law: not legal obligations forced upon everyone, parties must choose to take part in a contract. The nature of a contract: contract: a set of promises that the law will enforce, four basic requirements to form a legally enforceable contract, offer, acceptance, consideration. In most situations, an offeror communicates orally or in writing: sometimes an offer can be expressed without words, e. g. A taxi driver opening a door of their cab: offeree cannot accept an offer until they are aware of it. Rejection and counter-offer by the offeree: offers can be rejected, or counter-offers can be proposed, but contracts can only be made if it is accepted by both parties. Transactions between parties at a distance from each other. Jurisdiction: the province, state, or country whose laws apply to a particular situation. 10/11/16: subsidiary promise: an implied promise that the offeror will not revoke once the offeree begins performance in good faith and continues to perform.
