Law 2101 Study Guide - Quiz Guide: Ipad, Unidroit, Socalled
Document Summary
Contracts types of contracts and purpose when to use. Intro: contracts are defined as legally binding agreements, irrespective of whether they are written down or not. A third categorisation of contracts is based on the reason why parties want to be bound. Bilateral contracts party a only wants to be bound to party b because party b is also willing to oblige itself towards party a. Unilateral contracts a contract created by an offer that can only be accepted by performance. E. g. michael promises to give jake his ipad once he gets the new iphone. In the civil law tradition, contract law is seen as only part of a more comprehensive. Private law consists of the rules and principles that deal with the relationships between private actors such as individuals and companies: the law on contract is under the heading of law of obligations.
