Management and Organizational Studies 2276A/B Study Guide - Consideration

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Consulting Agreement 1/29/2013 8:01:00 AM
Participants
ABC Limited (company)
XYZ Incorporated (consultant)
Jane Manners (consulting company representative)
o The individual must be named so that we know who is liable
for the contract
o You cannot have a contract with something that is not
incorporated, must have Inc., Ltd. or Corp.
o If the Jane Manners signature line was not on the contract,
but she signed on the XYZ line, Jane is not bound because
she signed as an officer (an agent of the corporation), not in
her personal capacity (she did not intend to be legally bound)
Key Points
For good and valuable consideration means that the participants
understand that consideration is involved (exchange of
goods/services)
o Jane isn’t actually getting any consideration
1 Services written with a capital “S” means that “Services” stands
for what it was just defined as (rather than restating all the
services)
2 courts feel that contracts should have a specific term, continues
to renew unless terminated
3 5 basic business terms
6 taking the base standard of service and said that the standard
of care should be higher than just the minimum requirement
o Most say for a better standard of care, a higher price must be
paid
7 non-interference says the consultant and the individual
acknowledge that since were helping you and this is valuable to our
company, you agree that you won’t try to do business with our
clients that you meet
8 consultant can work for other people
9 confidentiality clause
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