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Best Construction,Inc.,contracts to build a store for Cheesy Pizza Company,with Cheesy's payment due on June 1.On June 1,Cheesy's bank is closed,and for this reason,Cheesy claims it cannot pay Best on time.In this situation
Consideration
The value, which could be in the form of money, a promise, or effort, given in exchange for a contractual agreement.
Strict-Liability
A legal concept where a party is liable for damages caused by their actions, regardless of fault or intent, often applied in product liability cases.
Common Law
Also known as case law.
Common Carriers
Businesses or agencies that offer to transport goods or people for anyone willing to pay, under the regulation of laws that impose special obligations and liabilities.
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