Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Barter, Liquidated Damages, The Courier-Mail

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This agreement shall continue in force for a period of five years from the date it is made, and thereafter for successive five year terms, unless and until terminated by one year prior notice in writing by either party. Trying to be concise comes at cost- be careful not to cross over the line. They tried to be concise, but it was too aggressive. Trying to cram 2 different ideas into one sentence, makes it ambiguous. An exchange of value (often in the form of promises ) which the law will enforce. Have a contract you haven"t read, no lawyer, one sided, no opportunity to negotiate, inequality of bargaining power. It is still fair, because you voluntary signed the contract. Law doesn"t care about all of these things. We don"t look at the fairness of the contract. Fairness is subjective, logistics, freedom to choose which contract we want to enter into (freedom of contract), capitalism-free market.

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