Management and Organizational Studies 2275A/B Lecture 2: Lecture 2 Sept. 22
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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Philip King
Semester
Fall

Description
Lecture 2 Sept.22 Contract -exchange of value which the law will enforce -purpose of contract is to promote trade and commerce  Government will get what they want -contract is everywhere Assumption made in contract law -assume contracts are fair(voluntarily) -assume people will receive benefit Contract essentials(from case law) -consensus(both agree on it) -consideration -intent Contracts -do not have to be signed to enforce Consensus -An offer and acceptances of an offer -Advertisements are not an offer -offer acceptance is taken place when you pay Offer -must be communicated -effective when receive and understood When does an offer lapse  Rejected(if some wants to buy something from you at a price, you say no but after you accept it. This is not an offer because it was rejected)  Counter-offer(a rejection to a offer and also a new offer)  Revoked(i can revoke my offer anytime before they accept it)  Expire(can not accept an offer after it expire) the period before it expire are reasonable, can be different  One of the party dies or become incompetent(the death of the party will not terminate the contract) I say i will make my offer open however I change my mind, this is not a contract because there is lack of consideration Acceptance -must be communicated -silence will not counted as an acceptance -effective when received
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