Law 3101A/B Study Guide - Quiz Guide: Consumer Protection, Specific Performance, Quid Pro Quo
Document Summary
Exchange: - one party gives something to an other party and receives something in return (seller (sells goods) buyer (pays money) ) Gratuitous contracts: - promise to make a gift, only one party benefits from it. Contract law: - set of rules and principles that governs transactions among parties. Sets rights and obligations for contracting parties freedom of contract: - contracting parties can decide weather they want to contract or not. Can determine content of contract (rights and obligations) If parties enter into contract = it is binding general conditions: - set of rules (standards) that suit the parties interests (supermarket) European rules: - promulgated almost 20 directives for contract law, they have to be implemented by member states in their national legislation. Directives deal only with specific contracts (consumer sales) Supranational rules: - conv. on contracts for the intern. = rules that apply to commercial cross-boarder transactions (applicable to contract unless party excludes this)
