Management and Organizational Studies 2275A/B Chapter 5: Textbook Note - Chapter 5.pdf
10 Oct 2012
School
Department
Professor
Document Summary
Contract: an agreement between two parties that is enforceable in a court of law. An agreement: an agreement is composed of an offer to enter into a contract and acceptance of that offer. Deliberate: both parties must want to enter into a contractual relationship. Voluntary: freely chosen; not involve coercion or other forms of serious unfairness. Between two or more competent persons: must be at least two parties to any contract, who must have legal capacity. General rule; only parties to a contract can sue and be sued on it. Supported by mutual consideration: each party must give something of value in exchange for receiving something of value from the other party. Not necessarily in writing: even oral contracts are enforceable. Some contracts must be in writing i. e. land. Contract law ensures that each party gets what it has bargained for. Makes binding promises concerning price, quantity, and delivery of tracking to.
