MCS 3040 Final: MCS 3040 Exam Review

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

Document Summary

Contract deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily, and which agreement is. Week 3: chapter 5 enforceable in a court of law. Advantages of contracts: permit both parties to rely on the terms they have negotiated and plan their business affairs accordingly, create binding promises that can be enforced in court. If a dispute arises between the two parties, there are various options for dispute resolution. ** sometimes it is more financially rewarding to breach the contract in question than to perform it. The parties must consider the following: business relationships, economic realities (might not be the best economic decision) reputation management (i. e. breach of contract is detrimental) Legal ingredients of a contract: offer promise to perform specified acts, acceptance , consideration. Offeror the person who makes an offer. Offeree the person to whom an offer is made.