Management and Organizational Studies 2276A/B Study Guide - Estoppel, Word Processor

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Before word processing, the standard agreement body would be essentially the same: the first and last page would change depending on the participants. Recitals whereas, the purpose is to provide context to the reader: states the business the parties are in and that they want to enter into an agreement, essentially to explain the story. Consideration clause to make sure something of value is being exchanged. 5. 3 statement of work is signed by both parties. If it provides that intellectual property is to be owned by the customer, then this provision applies. 5. 4 if the statement of work say the intellectual property is owned by the supplier or says nothing, then this provision applies. The customer has a license to use it from the supplier. 5. 5 says what the license of use involves. 5. 6 the limitations on the license of use. In a business transaction, the parties are allowed to exclude or modify they sale of goods act.