MCS 3040 Lecture Notes - Lecture 3: Reputation Management, Final Good, Qualified Privilege

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Mcs 3040 final notes: unit 03 chapter 12, 5. Contract deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily, and which agreement is enforceable in a court of law. Permit both parties to rely on the terms they have negotiated and plan their business affairs accordingly. Create binding promise that can be enforced in court. If a dispute arises between two parties, there are various options for dispute resolution. Leases, sales contracts, loan contracts, supply purchase contracts, employment contracts, confidentiality agreements. Objective standard test ho(cid:449) a (cid:862)reaso(cid:374)a(cid:271)le perso(cid:374)(cid:863) (cid:449)ould re(cid:448)ie(cid:449) the (cid:272)o(cid:374)du(cid:272)t of the parties: bargaining power legal assumption that parties to a contract are able to look after their own interests. Courts normally not entitled to assess the fairness or reasonableness of the contractual terms the business parties have chosen. Occasionally courts will come to the assistance of the weaker party and set contract aside.