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Business law Notes Feb 2022, Summaries of Business Strategy

Douglas CollegeBusiness Strategy

Business law notes for Winter semester Feb 2022

Typology: Summaries

2021/2022

Uploaded on 03/02/2022

parveer-grewal
parveer-grewal 🇨🇦

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BLAW: Lecture 5 Nature and Creation of Contracts
Feb 28 2022
Contracts
- We enter contacts on the daily basis
- No contact to breach if we have not entered a contact
- Does not matter what type of form the contract is in
oCan also be verbally
Sushi restaurant contract
Customers must pay otherwise a breach of contact
oNegotiation back and forth – while placing the order
Three requirements for a contract to be enforced
- If we miss out on one we miss out on the enforced contract
- Key steps for enforceability
oDid the parties want the contract to be enforced
Did they intent to bind themselves
Were they serious?
oIf yes – the parties did intent to enter the contract
- Meeting of the minds
oDoesn’t matter if you have the intent – patties need to be of the same mind
oRequires us to prove two things
Two types of offers
Bilateral and Unilateral
oBilateral
Promise and exchange for a promise
Acceptance – in writing – verbal
oUnilateral
Promise - for exchange of offer
One promise being made – in exchange for offer
Ex. Reward
Handout
- No - contract not enforceable
oWhy: What is the law?
oEnforceable requires three things
Enforceable contract chart
Intention to create legal relations
Social context
oPresumption
Dealing with family
oReasonable person
Family – social presumption
Context of New Years celebration
oNo intention – would answer the questions
Meeting of the minds
oOffer
“I will pay your college tuition next semester”
oAcceptance
Yes
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BLAW: Lecture 5 Nature and Creation of Contracts Feb 28 2022 Contracts

  • We enter contacts on the daily basis
  • No contact to breach if we have not entered a contact
  • Does not matter what type of form the contract is in o Can also be verbally  Sushi restaurant contract  Customers must pay otherwise a breach of contact o Negotiation back and forth – while placing the order Three requirements for a contract to be enforced
  • If we miss out on one we miss out on the enforced contract
  • Key steps for enforceability o Did the parties want the contract to be enforced  Did they intent to bind themselves  Were they serious? o If yes – the parties did intent to enter the contract - Meeting of the minds o Doesn’t matter if you have the intent – patties need to be of the same mind o Requires us to prove two things  Two types of offers  Bilateral and Unilateral o Bilateral  Promise and exchange for a promise  Acceptance – in writing – verbal o Unilateral  Promise - for exchange of offer  One promise being made – in exchange for offer  Ex. Reward Handout
  • No - contract not enforceable o Why: What is the law? o Enforceable requires three things  Enforceable contract chart  Intention to create legal relations  Social context o Presumption  Dealing with family o Reasonable person  Family – social presumption  Context of New Years celebration o No intention – would answer the questions  Meeting of the minds o Offer  “I will pay your college tuition next semester” o Acceptance  Yes

 Consideration o You  Uncle is promising you tuition o Uncle  Are you promising anything back to him o Lacking consideration – since it is a one way promise American Example

  • Hip hop artist o Ryan Lesley
  • Creating music for Kanye and Jay – Z
  • Was also performing somewhere o Parked underground  Someone broke in and stole his laptop  Made a YouTube video mentioning if anyone found the laptop he would give them 20k  No one paid attention – until his next video  Reward 1 million  Arman in Germany found the laptop– wasn’t able to reach Ryan directly  Able to contact Ryan’s crew  Laptop was sent to company who made the laptop o Completely erased everything o Laptop was then returned to Ryan  Arman calls and asks when he’s jetting reward  Ryan says no  Arman sues Ryan  Ryans lawyer argue there is no intent – YouTube video  Responsible person – person receiving the promise  Look at YouTube video reward screen o Intention to create legal relationship  Meeting of the minds  No offer  No meeting of minds o YouTube video – “reward offer” o Unilateral offer  No acceptance – full and complete acceptance for unilateral offer o Did Ryan get the valuable data – no o Court said – once arman started following the instructions of the crew – there was acceptance  Ryan was contractual bond to give arman 1 mil dollars
  • If Ryan wanted to get his money – he could sue his crew for negligence BC Case
  • Tribunal – online under $
  • Breach of contract claim o No enforceable contract  According to wright o Meeting of the minds  Do we have a offer – what date