From the course: CIPP/US Cert Prep: 1 U.S. Privacy Environment
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Contract law
From the course: CIPP/US Cert Prep: 1 U.S. Privacy Environment
Contract law
- [Narrator] Liability may also arise under contract law. Contracts are legally binding agreements between parties that they will exchange things of value with each other. When two parties have agreed to enter into a contract, they become legally liable to uphold their obligations under the contract. As long as the terms of the contract do not violate the law, they are enforceable in court. Contracts should spell out the specific liability that each party has for violations of the contract. There are several conditions that must be met for a contract to be valid. First each party to the contract must have the capacity to agree to the contract. Second there must be an offer made by one party. The offer may be verbal or in writing, but written terms always take precedence over verbal terms. And many types of transactions such as those involving real estate must be conducted in writing. Third the other party must accept the…
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