Contract Law Ch 5.docx

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Management and Organizational Studies
Management and Organizational Studies 2275A/B
Frederick King

Intro to Contract Law 10/1/2012 11:48:00 AM Chapter 5 Contract Law  Contract – a deliberate and complete agreement between two or more competent persons supported by mutual consideration o Not necessarily in writing o To do some act voluntarily o Enforceable in a court of law  An agreement – composed of an offer to enter into a contract and acceptance of that offer  Complete – the offer must be complete, certain  Deliberate – the agreement must be deliberate, both parties must want to enter into a contractual relationship  Voluntary – agreement must be freely chosen  Between two or more competent persons – must be at least two parties in a contract that have legal capacity  Supported by mutual consideration – involves a bargain or exchange between th
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