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BUSINESS LAW FINAL EXAM NOTES

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Definition of Contract: It is important that a contract be enforceable by law. The purpose of a contract would otherwise be of no use. • A contract is a voluntary exchange of promises, creating obligations which, if defaulted on, can be enforced and remedied by the courts o Primary concern of the courts is to enforce the reasonable expectations of the parties • CCQ 1378: “A contract is an agreement of wills by which one or several persons obligate themselves to one or several other persons to perform a prestation.” o CCQ 1373: “Prestation” = “doing or not doing something” Conditions of a Valid Contract Common Law • Consensus (offer and acceptance) (ch.5) • Legality • Formalities (if required) • Consideration(ch

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BUSA 364
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Uploaded on
November 16, 2022
Number of pages
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Written in
2022/2023
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  • business law
  • accounting
  • summary notes
  • bcom
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