Contracts

Question 1

What is a contract?

Answer 1

Contract law allows people to create promises (i.e. rights and obligations) which the law will enforce. Such promises are called contracts. They are binding only between the parties to the contract.

Question 2

How is an outcome enforced?

Answer 2

contract + law

Question 2

What are qualities of a contract?

Answer 2

Contract law will usually be very flexible and allow parties to agree on most things.

Only exceptionally, it will state that some contracts must satisfy some requirements (e.g. be in writing), that some clauses are invalid (e.g. particularly unfair ones)
However, different countries have different contract laws. We will talk about that next time.

Question 3

What are the stages of fulfilled a contract?

Answer 3

Negotiations, agreement, performance, and fulfilment

Question 3

What are the stages of a breached contract?

Answer 3

non-performance, breach, breach and termination