Management and Organizational Studies 2275A/B Study Guide - Contract

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

Document Summary

In order for there to be a contract - offer, acceptance, consideration: yes. The contract is void (there was never a contract). When a contract is void, the remedy is putting the parties back at a position they were at before. Mary has to return the watches: no. Mary has possession and ownership of the watches, so she has a valid contract with steve. Therefore, steve doesn"t have to return the watches to mike: the statute of fraud is a piece of legislation certain types of contracts that have to be in writing. No, they can"t use the statute of fraud to get out of it, because a written contract is needed. Unless there was undue influences, etc, because you are deemed to understand the terms of the contract before you sign it: no, because they only discussed the possibility. They never finish discussing the terms of the contract (no considerations) and no agreement was reached.