LAW 201 Lecture Notes - Lecture 10: Vagueness, Puffery, Contract
28 Mar 2017
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Law 201 week 10: contracts part 1 & 2. David hume told the story of two rational corn farmers. One"s corn was ripe one day, anothers the next day, therefore it was profitable for them to work to help the other one day, so they would be helped the next . But since they didn"t trust the other to upload their end, they didn"t work together. There is a lack of trust therefore, the non-simultaneous exchange between strangers is impossible. Therefore contacts allow these transactions to be possible in the form of binding obligation. Main function of a contract is to permit strangers to make simultaneous exchanges the law of contract permits contracts to be made: Contract = an agreement that the law will enforce. Agreement = for contract law agreement is formed by an offer followed by acceptance. For both these to be interpreted there needs to be an interpretation of the intentions of parties.
