MOS 2275 Week 4 Lecture Notes.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Desmond Mc Keon
Semester
Fall

Description
US Government shutdown  800,000 federal government non-essential workers temporarily laid off the job  Tea party republican party (12 party or so) are extreme right-wing are completely against anything to do with Obamacare, because they believe that it is a right to have the choice not to have health care  The tea party members are extremely influential and powerful people that threatened other Republican members that they will not get elected if they do not comply.  Knowing that they cannot win the presidential election, they concentrated on obtaining the house. They have been successful, and have blocked everything that the president wants.  The Democrats argue that the Republicans must compromise, as it has been the law for years (won at the Supreme Court), and the Democrats won the election last year.  In 2 weeks, if the government does not raise the debt ceiling, there will be a catastrophe. This has never happened in the past, and therefore nobody knows what will happen if they fail to raise it. A contract must have:  Consensus  Consideration  Intention  Capacity o Must be of majority age  Can be easily voided o Must be competent. To be enforced,  If due to sanity, intoxication, and impairment, a party does not understand the contract.  The other party must know that the party is affected by sanity, intoxication, impairment  Legality o Illegal (against the law) o Contrary to public policy  Not possible to know where the line is Differences  Void contract: Contracts that never existed o If they lack intention, legality, capacity, etc.  Unenforceable contract: o Void contracts are unenforceable. Some contracts are not void, but still not enforceable. o A valid contract will not be reversed if it is completed. A void completed will.  Voidable contract o Exists, but can be voided at option of one of the parties o Result of lack of capacity  Privity o Someone that is not a party cannot enforce or be enforced onto a contract.  Assignment / Transfer o It is possible to assign a party’s rights under a contract, but not its obligations o This is important, because this is the basis of the bond market o This is also the basis of the recession of 2008. People were loaned money, in exchange for promises to pay. The customers had no ability to pay, and all the mortgage backed securities
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