Management and Organizational Studies 2275A/B Lecture Notes - Lecture 6: Vending Machine, Negative Option Billing, Estoppel

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: James Fraser Hildebrand

Document Summary

Contract voluntary exchange of promises that create obligations in which cannot be defaulted on, and if it is then it can be re enforced/remedied by the courts. Terms and definitions: formal vs simple contracts. Has a wax seal or some sort of seal for authentication. Simple contract that is oral, or if written, is not under the seal. It is still a contract, however, courts do not take it as seriously. Needs parties to be considerate for it to work well: express and implied contracts. Express parties have expressly stated their agreements, verbally or writing. Implied parties have implied their consent through actions. Putting coins in a vending machine: valid, void and voidable. Void not qualify as legally binding bc an essential part of contract is missing. Voidable is a valid contract, but one of parties has option to end contract: unenforceable and illegal contracts. Unenforceable is one that is required to be in writing, but does not meet requirement.