Commercial and Banking Law (Classic Reprint)

Contracts Mutual Assent CjOMMERCIAL LAW is a general term used to cover kinds of law that occur most often in commercial transactions. It is a term of no exact boundary, but most commercial law is based in one way or another on the law of contracts, which is one of the largest subjects in the law. Bills and notes, for instance, are special forms of contracts. In order to imderstand business law at all, therefore, it is necessary at the outset to have some knowledge of the fundamental principles of the law of contracts. 2. DEFINITION OF CONTRACTS. What is a contract? Simply a promise or set of promises which the law enforces as binding. A ny promise, if it is binding, is a contract or part of a contract.
(Typographical errors above are due to OCR software and don't occur in the book.)

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