Management and Organizational Studies 2275A/B Lecture Notes - Lecture 2: Barter, Economic System, Patent Infringement

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

Document Summary

Exchange of value (often in form of promises) which law will enforce. Exchange of promises: bargain for exchange 2 sided trade. Law will enforce: subset of exchanges of promises which are legally enforceable (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) Society would devolved into barter economy w/o contracts: economic system would fall. Gov"ts measured by economic measures/robust economy: enforcing contracts promotes these elements (cid:1) (cid:1) (cid:1, people will not enter into contracts if they don"t receive a benefit. 2 fundamental assumptions we make in contract law: Assume that people are selfish: the terms of contracts voluntarily entered are fair. Assume to be fair b/c you entered into the contract: fair b/c it"s a contract, not a contract b/c it"s fair. Doesn"t always hold true b/c sometimes we care about fairness: eg: contract for minimum wage of /hour (cid:1) Consideration something of value exchanged between parties. * talk about next week (cid:1) (cid:1) (cid:1)