Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Accounts Payable, Clean Hands, Unconscionability

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

Document Summary

Contract essentials: consensus, consideration, intent, legality, capacity, a contracts where a party lacks capacity is a voided contract not enforceable if one party tries to avoid it. Void vs. voidable vs. unenforceable: void contracts : do not exist, voidable contract: exist, but may be avoided, valid but unenforceable contracts: exist, but cannot be enforce (ex. Statute of frauds: valid but unenforceable contracts an oral contract, it"s a contract and it exist but it cannot be enforce. Is it pre-contractual or a term of the contract? (contract law analysis) Is it innocent, negligent, or fraudulent? (tort law analysis) Remedies for misrepresentation (tort & contract: recision: you can avoid the contract, but that"s all you can do, cant sue for damages. Privity of contract: only the parties to a contract can have rights or obligation under the contract, ex. a contract with matt that says he will paint his apartment and he will pay me.