chapter 9.Business Law, Mallor, 13thedition

chapter 9.Business Law, Mallor, 13thedition - CHAPTER 9...

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Introduction to Contracts P A E T R H C 9 “Contracts are agreements made up of big words and little type.” Sam Ewing, quoted in Saturday Evening Post, May 1993
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Learning Objectives v Nature of contracts v Basic elements of a contract v Basic contract types v Non-contract obligations 9 - 2
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v Not every promise is legally enforceable v When a set of promises has the status of  contract,  a person injured by a breach of that contract is  entitled to call on the government (courts) to  force the breaching party to honor the contract v Contract law is ancient law, but has evolved to  reflect social change Contracts   9 - 3
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v (1) agreement (2) between competent parties (3)  based on genuine assent of the parties that is (4)  supported by consideration, (5) made for a lawful  purpose, and (6) in the form required by law, if  any v See   Figure 1 , page 276   Elements of a Contract   9 - 4
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v Bilateral contracts : two parties make promises to  one another v Unilateral contracts
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