Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Computer Case, Netflix, Reasonable Person

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

An exchange of value (often in the form of promises) which the law will enforce. It is a bargain and exchange; this for that . We enforce contracts in order to promote business and its good for the economy (trade and commerce: metrics to measure government. Gdp, trade balance etc. (strength of economy) Modern capitalist economy requires people to enforce contracts. Forms the very foundation of our capitalist economic system. Without it: we would have a very difficult time maintaining our free market. People must act within their own self interest: fairness is subjective. People will not enter into contracts if they do not receive a benefit: assume people are selfish, rationally selfish. The terms of contracts voluntarily entered are fair. Law is full of exceptions: sometimes fairness creeps back into the mix. Contract essentials (5 requirements for it to be a contract) These are all principles that have been set by precedent from previous cases.