Management and Organizational Studies 2276A/B Lecture Notes - Clean Hands, Specific Performance
Document Summary
Don"t need to know specific cases in the book. Similar to the ones found in the quiz so far. Examples given in the textbook are likely to mirror the exam questions. Privity: simple notion that only the parties to the contract have the rights/obligation to that contract. Exceptions: trust ownership of property for the benefit of a third party (i. e. trustee & beneficiary, agency. Voidable contract: a contract that exist but a party can avoid it (i. e. shared mistake) Unenforceable contract: a contract that is valid but is not enforceable in court (i. e. statute of fraud where the contract is required to be in writing) Void contract: not valid contract because does not satisfy the 5 terms that constitute a contract. Enforceable contract: a contract that satisfies the 5 terms (legality, intent, consensus, consideration, and capacity) that constitutes a contract. Courts of equity injunction, accounting, quantum meruit, recision, specific performance.