Management and Organizational Studies 2275A/B Lecture Notes - Lecture 2: Estoppel, Canadian Dollar, Liquidated Damages

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

Document Summary

---an exchange of value (often in the form of promises) which the law will enforce. When you use a phone, there have a phone contract. also, rogers sell-phone contract after you wrote the term and effect date contract with rogers. --two sides contract, if you do , i will do . If you promise sell computer today to somebody, there have a contract today only, so you need do today, after this day the activity trade will be end. --- we assume that the terms of contracts voluntarily entered are fair. Contract essentials (start contract, must need these essentials, if not, then no contract: consensus, consideration, intent, legality, capacity. There is not an contract, because there is not an offer which is not communication by both sides. Once the offer rejected, the offer is end. When does an offer lapse: it is rejected, there is a counter-offer e. g. i say i will send computer to you , you say .