Contracts Law

Contracts Law - BusinessLaw 15:04 LordMansfield hatisacontract? W urposeofcontracts?, P ,soyouc

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15:04 “The whole duty of the government is to prevent crime and to preserve contracts”  Lord Mansfield What is a contract?      –Agreement between two or more parties,  Purpose of contracts?      –Not all parties are honest, incase someone fails to fulfill  their promise you sign a contract, so you can hold then accountable for breach of  contract. History of Contract Law Derive most principles from common law In beginning, if not writing then there is no contract, but now oral contracts  are sometimes enforceable Va does not recognize the significance of a wax seal General remedy for breach of contract is monetary remedy, unless equitable  issue, such as injunction. Elements of a Contract     -Agreement: Offer, Acceptance -Consideration -Legality -Capacity Parties to a Contract     - Offeror   Offeree - Promisor   Promisee Classification of Contracts     Bilateral v. Unilateral Express v. Implied
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This note was uploaded on 02/21/2011 for the course FIN 3115 taught by Professor Malone during the Spring '11 term at Virginia Tech.

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Contracts Law - BusinessLaw 15:04 LordMansfield hatisacontract? W urposeofcontracts?, P ,soyouc

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