BUSI 561 Chapter Notes - Chapter 10: Contract, Deontological Ethics, Personal Property
Document Summary
Chapter 10: the law of contracts and sales-i. Contract: a legally enforceable exchange of promises or an exchange of a promise for an act. Case law: also called common law, originated with the law of english courts, governs contracts dealing with real property, personal property, services, and employment contracts. Sale: consists of the passing of title to goods from buyer to seller for a price. Property other than real property (land and that attached thereto) Express contract: an exchange of oral or written promises between parties, which are enforceable in a court of law. Implied (implied-in-fact) contract: a contract that is established by the conduct of a party rather than by the party"s written or spoken words. Unilateral contract: an exchange of a promise for an act. Bilateral contract: the exchange of one promise for another promise. Void contract: a contract that at its formation has an illegal object or serious defects.
