BU231 Chapter Notes - Chapter 5: Fax, Contract
Document Summary
Contracts = voluntary legal relationships not legal obligations forced upon everyone like tort or criminal liability. A set of promises that the law will enforce. Begins with a promise, but not all promises become contracts. 4 basic requirements that form a legally enforceable contract: offer, acceptance, consideration, and intention. Contract law = empowers parties to create legal obligations that would not otherwise exist. A description of a promise one party (offeror) is willing to make, subject to the agreement of the other party (offeree) The form of an offer is not important as long as its heard and understood. An offeree cannot accept an offer until they are aware of it. Businesses that sell to the general public usually present their terms of offers in written documents handed to their customers. Ie. movie tickets, credit card agreements, online purchases. If the business falls within an area regulated by a govt board, the terms of contracts are subject to board approval.
