Business Law Test Study Notes Review

Business Law - Test Study Notes Review
CONTRACTS - Written. Oral. Implied.
Freedom of contract - what parties agreed to in the first place is unrestricted to the court. Equal bargaining position. Acting Voluntarily.
People can enter in any kind of contract as long as it meets the common law requirements.
Law of contracts: common law or case law.
CONSENSUS - parties must reach a mutual agreement. Equal bargaining positions. Free to enter as they choose. Involves offer and acceptance. Consensus can be inferred (indirect)
CONSIDERATION - commitment of both parties to do something. The…