Discuss the definition of a contract given in The Restatement, Second, of Contracts
The Restatement defines a contract as "a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty.". A promise manifests an intention to act or to refrain from acting in a certain way. If a promise meets all the essential requirements of a binding contract, it will be enforced. A contract which is breached may receive the remedy of compensatory damages, an equitable remedy, reliance damages, or restitution. All contracts are promises, but not all promises are contracts.
You might also like to view...
When employees are unclear about work methods, scheduling, and performance criteria because others hold different ideas about these, they are likely to suffer from role ambiguity.
Answer the following statement true (T) or false (F)
The events depicted on an REA diagram are transformed into computer processes while the resources and agents become relational database tables
Indicate whether the statement is true or false
The great disparity in income throughout the world permits worldwide product standardization.
Answer the following statement true (T) or false (F)
The following information relates to Marshall Manufacturing's current accounting period: Raw materials used$34,000 Direct labor wages 66,000 Sales salaries and commissions 50,000 Depreciation on production equipment 6,000 Rent on manufacturing facilities 4,000 Administrative supplies and utilities 10,000 Sales revenue 210,000 Units produced 10,000 Units sold 10,000 Based on this information, what is the company's net income?
A. $42,000 B. $40,000 C. $30,000 D. $70,000