BUSI 2601 Lecture Notes - Lecture 3: Cash Register, Estoppel, Posting Rule

• School: Carleton University
• Department: Business
• Course: BUSI 2601
• Professor: Sam Schwisberg

Document Summary

A(cid:374) offer a(cid:374)d a(cid:272)(cid:272)epta(cid:374)(cid:272)e (cid:449)ith a (cid:373)eeti(cid:374)g of the (cid:373)i(cid:374)ds (cid:894)(cid:862)ad ide(cid:373)(cid:863)(cid:895) An agreement: composed of an offer to enter into a contract and an acceptance of that offer. Deliberate: an intention to form a contract. Mutual (cid:862)(cid:272)o(cid:374)sideratio(cid:374)(cid:863): i(cid:374)(cid:448)ol(cid:448)es or e(cid:454)(cid:272)ha(cid:374)ge (cid:271)et(cid:449)ee(cid:374) the parties, ea(cid:272)h part(cid:455) (cid:373)ust gi(cid:448)e so(cid:373)ethi(cid:374)g of. Competent parties: age, no mental infirmity value in exchange for receiving something of value from the other party. A (cid:272)o(cid:374)tra(cid:272)t is (cid:271)et(cid:449)ee(cid:374) (cid:1006) (cid:862)perso(cid:374)s(cid:863), a corporation is considered legal person. A (cid:862)perso(cid:374)(cid:863) u(cid:374)der the la(cid:449) is (cid:374)ot the sa(cid:373)e as a(cid:374) i(cid:374)di(cid:448)idual. A perso(cid:374) i(cid:374)(cid:272)ludes i(cid:374)di(cid:448)iduals (cid:271)ut also i(cid:374)(cid:272)ludes corporations which are legal persons though not individuals. Need not be written, but an oral contract may be hard to prove. Some statutes are relevant (ontario consumer protection act and sale of goods act, for example) Contract law ensures that each party gets what it bargained for, namely, performance of the promises made to it or monetary compensation in its place.