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MCS 3040 Lecture : Chapter 8 Business & Consumer Law

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azurecrow744
18 Oct 2012
School
University of Guelph
Department
Marketing and Consumer Studies
Course
MCS 3040
Professor
Joseph Radocchia

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Document Summary

There are several ways a contract can be terminated: termination through performance. A contract is performed when all of its express or implied promises have been fulfilled. When contract is terminate dit doesn"t mean the commercial relationship has ended. When a corporation enters into a contract to provide goods & services, it is by necessity work through employees/agents. Since employees/agents are not party to the contract they cant sue or be sued. Vicarious performance: performance of contractual obligations through others. Can use this as long as personal performance of the contracting individual is not an express or implied term of a contract. Parties may enter into an agreement that is unfavorable for 1 or both of them. They may decide too : enter into new contract. Novation: the substitution of parties in a contract or the replacement of 1 contract with another.

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Related Questions

Which of the following activities would LEAST likely be found in a policy to promote good supplier relationships?.

Group of answer choices

having fair and transparent process in awarding contracts

paying supplier invoices according to agreed terms.

developing open communication channels with suppliers

explaining the contract award process to the winning supplier

One option for altering the pattern of demand is:
 
a.hiring employees
 
b.using overtime
 
c.carrying inventory
 
d.subcontracting
 
e.pricing
Which of the following statements is true about business intelligence?
 
1) It is the use of information systems to gather and analyze information from internal and external sources in order to make better business decisions.
2) It is the use of human resources to gather and analyze information from external sources in order to make better business decisions.
3) It is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people.
4) It is an act of outsourcing tasks, traditionally performed by an employee or contractor, to an undefined, large group of people or community, through the use of information technology.
5) It is the process by which a customer-owned mutual organization or cooperative changes legal form to a joint-stock company.