HRM 3420 Lecture Notes - Dipika Kakar, Contra Proferentem, Wrongful Dismissal

• School: York University
• Department: Human Resources Management
• Course: HRM 3420
• Professor: Chris Sweeney

Document Summary

Please provide a short definition of each term and how it particularly relates to. Consideration- consideration is anything of value that both parties promise each other while getting into a contract. Under common law, it is necessary for both parties to offer consideration in order for the contract to be binding. Consideration can take the form of services, money, physical objects or anything that can be viewed as beneficial. For example, when someone decides to gift his or her house to a friend, free of cost, completing all legal formalities in writing. The friend may not be able to sue for a breach of contract if the person that gifted the house decides to take it back. The lack of consideration in this example views the contract to be non-existent under common law. Consideration is considered to be an important element of contractual agreements as it protects the right and interest of parties.