Management and Organizational Studies 2275A/B Lecture Notes - Contract, Snail Mail, Toilet Paper

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

Document Summary

Chapter 6 + 7: a contract is a voluntary exchange of promises, creating obligations which, if defaulted on, can be enforced and remedied by the courts. Exchange of promise = you have to get something in return. If both sides don"t get something out of it is not contract law, it is a git. If contract is defaulted on then they can take action to court. Contract will be a civil action (balance of probabilities: plaintiff will have to show that they and the defendant did in fact have a contract, plaintiff then has to show that the contract was breached. Elements of a contract: consensus, consideration, capacity. To be noted : contract to be in writing (only sometimes) Can have a verbal contract: most contracts are verbal. Standard contract (insurance industry) or simple = contract that is put together in simple terms. Express= written or verbal but the terms are clearly stated.