Chapter 7-Intro to the Legal Relationship.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 2275A/B

Chapter 7 Intro to the Legal RelationshipContractsin contract law parties attempt to create their own legal rights and obligationsin tort law rights and obligations are imposed based on a judgement about conductContractan attempt to make an agreement that the courts will recognize as legally enforceablepresumption is that individuals are free to agree to do what they pleasea contract is not a piece of paperit is a legally enforceable agreementElements of a Contractintention to create legal relationsofferacceptanceconsiderationcapacitylegalityOffera proposal to a contract that is open to be accepted or rejectedit is more appropriate to say an offer is subject to acceptanceOfferorperson making an offeroffer must be communicated to the offeree person offer made to before acceptance can occurGratuitousdone for freeno contract no obligationonly the person who is made the offer can accept or reject itRules of Acceptancecommunicated in the manner requested or implied by the offeror
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