Management and Organizational Studies 2275A/B Chapter Notes - Chapter 5: Bargaining Power

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Desmond Mc Keon

Document Summary

Informal business arrangements also are successful, but much less common. Agreement: an offer to enter into a contract and an acceptance of that offer: terms: promises contained in the agreement, an agreement must be: Deliberate: both parties must want to enter into a contractual relationship. Voluntary: an agreement must be freely chosen and not involve coercion or other forms of unfairness. Between two or more competent persons (parties), and enforceable by law. Each party must give something in return for something else: once an agreement is made, Both parties can rely on the created terms to plan their business affairs arise. If there is a conflict, the parties can: litigate, negotiate, arbitrate, or mediate as written in the contract. Legal factors in their business context: creating the contract. Communications: communications is not simply about discussing possibilities in that it is automatically laden with legal meaning. Legal factors in their business context: performing or enforcing the contract.