LAWS 2202 Lecture Notes - Lecture 4: Oral Contract, Surrogacy
6 Dec 2017
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Reminder: assignments are due march 6 in class; rubric and instructions are posted on the course webpage on culearn. Any questions regarding the assignment should be directed towards the t. a. There is a difference between law and public policy. Contract law is subjective, whereas tort law is objective: emergence of contract law,p. 152, peevyhouse v garland, facts, defendant failed to restore a strip mine which it had undertaken to do. What is the measure of damages owed by defendant to plaintiff: ratio. Cost to perform v. economic value of performance. Commercial efficacy: to be ascertain that the decision makes sense from a commercial point of view: contracts. Acceptance (written/oral): counter offer is not an acceptance. Consideration (an exchange of something for value) Does not have to be an exchange of something of equal value: requirements for contract to be legally binding. Certainty (all components are absolute, partial compensation for partial work) contract can"t be ambiguous, must be very clear.
