MCS 3040 Final: Law Study Notes (DE)

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Mcs*3040((de)( (f14( (business(and(consumer(law: not( necessarily( in( writing! oral! contracts! are! enforceable,! but! written! is! preferred. ! Legal(factors( (creating(contracts:(: communication( ( first! step! of! contact! making,! the! negotiation! process! and! the! creation! of! obligations. ! Based! on! agreed! upon! details,! not! implications,! through! the! objective! standard! test. !determines!if!a!contract!has!been!formed!and!bound: objective(standard(test( !test!of!how!a! reasonable!person !would!view!the!matter. , bargaining(power! !most!often!not!equal!between!the!parties!involved. Legal(factors( (enforcing(contracts:: business( relationships( ( business! decisions! if! suing! for! breach! of! contract! is! worthwhile. !lawsuits!often!not!best!course!of! action;!acceptance,!tolerance,!and!consideration!is!often!needed: economic( reality( ! contracts! not! always! the! best! economic! decision. ! May! be! best! business! sense! to! pay! fines! to! exit! contract! if! external! conditions! change. ! (ex. ! Contract:( an! agreement! between! two! parties! that! is! enforceable! in! a! court! of! law. ! Consists! of! the! following!components:: an(agreement((binding(promise)! !an!offer!to!enter!into!a!contract!and!the!acceptance!of!that! offer. !consists!of!clearly!outlined!promises/terms!to!be!agreed!upon, complete( (the!agreement!must!be!certain, deliberate! !both!parties!must!wish!to!enter!into!a!contractual!relationship, voluntary( !agreement!must!be!freely!chosen;!not!the!result!of!coercions, between(2+(parties( !2+!parties,!all!with!legal!capacity, supported( by( mutual( consideration( ( a! bargain! or! exchange! between! the! involved! parties;! each!must!give!something!of!value. Ethical( consideration:( many!executives!from!time!to!time!are!almost!compelled,!in!the!interests!of! their! companies,! to! practice! some! form! of! deception! when! negotiating! contracts! with! customers,! dealers,!labour!unions,!government!officials,!etc.