LAWS 3003 Study Guide - Midterm Guide: Sept, Machine Tool, Collateral Contract
12 Apr 2017
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The law of contracts: affirmation of the human will to affect the future through the extraordinary powerful mechanism of protecting exchange into the future. Substantive law: the law relating to the formation of contracts, factors affecting the validity of contracts, and remedies for when a party breaches the contract. Classical theory of contract stable body of rules: offer, acceptance, and consideration. Law is a social construct, therefore due to various societal reasons, including economic, technological and social, law must change and adapt over time. Contract law not exclusively concerned with private exchanges, it overlaps with private, free market, and with public regulation. Buying goods: when you buy lunch- exchange of lunch for money. Provide of a service and facility for storage of funds: signing up for a bank account. Exchange of a service for money: got on the bus. Exchange of service: signing people for fitness memberships.
