Introduction to Contract Law
Contract
A contract is a written or spoken agreement with the intent that it is enforceable by law. It must have:
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- An agreed set of specification.
- Clear outline of responsibilities.
- Clear mechanisms for resolving disputes.
- Liabilities: clearly stating whose fault it is in event a resolution is not achieved.
Privity of contract
Privity of contract means that person C cannot sue due to a contract between persons A and B.
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Sale contract
A sale contract means a tangible item must be delivered and working to a certain level of specifications and duration.
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