[Management and Organizational Studies 2275A/B] - Midterm Exam Guide - Comprehensive Notes for the exam (13 pages long!)

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

Document Summary

Def"n of a contact: an agreement made between two or more persons that is enforceable at law. Generally, by contract parties are free to create rights and duties as they desire. Contract law arose from the common law, which valued freedom of contract. But many of the harsh consequences of the common law of contract were softened by the introduction of principles of fairness from a course of law known as equity. Contracts arose to deal with the temporal nature of most exchanges, where one party promises to due something in the future. In general, contractual promises are conditional: they require something on the part of the other party before they become legal obligations. Two general kinds of contracts: fully executed. Fully performed by both parties (can be instantaneous with the formation of the contract: executory. A contract exists when certain elements are present: 1: offer, acceptance, consideration, capacity to contract, legality. Intention to create a legal relationship (1. ) a.