October 24th 2011.docx

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Management and Organizational Studies
Management and Organizational Studies 2276A/B
Gregg Redner

October 24 2011: - Elborn College 2168 - 9:30 am Monday morning - Closed book & multiple choice - Similar to the ones found in the quiz so far - Don’t need to know specific cases in the book - Examples given in the textbook are likely to mirror the exam questions Contract Law: Privity: simple notion that only the parties to the contract have the rights/obligation to that contract - Exceptions: 1) Trust – ownership of property for the benefit of a third party (i.e. trustee & beneficiary) 2) Agency Voidable Contract: a contract that exist but a party can avoid it (i.e. shared mistake) Unenforceable Contract: a contract that is valid but is not enforceable in court (i.e. Statute of Fraud – where the contract is required to be in writing) Void Contract: Not valid contract because does not satisfy the 5 terms that constitute a contract Enforceable Contract: a contract that satisfies the 5 terms (legality, intent, consensus, consideration, and capacity) that constitutes a contract Legal Remedies  Damages (Tort Law) Courts of Equity Injunction, accounting, quantum meruit, recision, specific performance Injunction: - If breached, subject to criminal law Specific Performance: order by the court that someone honour the specific contract that they’ve entered into Accounting for Profits: someone uses property that belongs to another person and earns income using that property (any kind of property) Quantum Meruit: means “what one has earned” which means something in the line of “reasonable value of service) - applicable to both goods and services Recision: - Even if damages are available, it might not be adequate - If unable to put back to original position, no recision - Think of misrepresentation  voidable contract To Constitute under Equity Law: 1. Damages not available/adequate 2. Act immediately 3. “Clean hands” – conducted yourself honourably (i.e. fraud, unethical conduct) 4. No prejudice  should not cause harm to an innocent third party 5. Equitable remedies are always discretionary (up to the judge) - Every court in Canada is both court of law and equity  although courts have merged, principles have not (thus principles of equity under law of equity both stands) Breach of Contract: - Put the parties in the position they would’ve been in if the terms were not breached - Duty to mitigate damages or to keep damages reasonab
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