Management and Organizational Studies 2275A/B Lecture Notes - Lecture 2: Canlii, Shrink Wrap, Condition Subsequent

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

Document Summary

Be(cid:272)ause the purpose of this (cid:272)hapter is to illustrate ho(cid:449) the (cid:272)o(cid:374)tra(cid:272)t is a(cid:374) e(cid:454)traordi(cid:374)aril(cid:455) effe(cid:272)ti(cid:448)e (cid:271)usi(cid:374)ess tool for (cid:373)a(cid:374)agi(cid:374)g risk, it do(cid:448)etails (cid:449)ith the risk (cid:373)a(cid:374)age(cid:373)e(cid:374)t the(cid:373)e i(cid:374)for(cid:373)i(cid:374)g the e(cid:374)tire te(cid:454)t(cid:271)ook. Through (cid:272)o(cid:374)tra(cid:272)tual ter(cid:373)s, o(cid:374)e (cid:272)a(cid:374) se(cid:272)ure desira(cid:271)le o(cid:271)ligatio(cid:374)s (cid:449)hile a(cid:448)oidi(cid:374)g or e(cid:454)(cid:272)ludi(cid:374)g the u(cid:374)(cid:449)a(cid:374)ted o(cid:374)es. Understand the difference between implied and express terms. Understand how judges determine and interpret the content of a contract. Understand how a party can use terms as a business tool to protect itself from liability. Express terms terms of the contract that state or make explicit one. Implied terms terms that are not expressly included in a contract but party"s promise to another that are necessary to give effect to the parties" intention. A judge may imply a number of grounds, the court"s assistance cannot be relied upon with any terms in a contract to make the contract workable. Though courts will imply terms based on certainty.