Management and Organizational Studies 2275A/B Chapter Notes - Chapter 6: Business Standard, Cash Register, Fax

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

Document Summary

Basic elements of a contract: an agreement (composed of offer and acceptance, complete (certain, deliberate (intention to create legal relations is present, supported by mutual consideration. Before a contract can be in place, the parties must be in agreement, the parties must be in agreement, takes form of offer and acceptance. Offer : an offer is a promise to enter into a contract, on specified terms, as soon as the offer is accepted. Certainty of offer: only complete offer can form the basis of a contract. Some contracts are only formed after protracted discussions. Other contracts are formed without any negotiations. Invitation to treat : an expression of willingness to do business. Standard form contract : a take it or leave it contract where the customer agrees to a standard set of terms that favors the other side, is entered into without any negotiations.