LAW 529 Chapter Notes - Chapter 4: Oral Contract, Contra Proferentem

• School: Ryerson University
• Department: Law and Business
• Course: LAW 529
• Professor: Wally Whistance- Smith

Document Summary

An offer, acceptance, and consideration (something given or promised in exchange) is necessary to create a contract. A binding legal employment contract is created, therefore, wherever there is a job offer (covering essential terms), an acceptance of that offer, and the promise to exchange wages for work performed (the consideration) Oral contract is just as binding as a written one. Exception: an employment contract that is for a definite period of time that exceeds one year must be in writing and where parties negotiating an agreement clearly intend to have a signed contract before their agreement becomes enforceable. Advantages of a written employment contract: reduces risk of misunderstanding. Reflects a common understanding of the terms and conditions of employment. Can always be referred to: addresses contentious issues early. Parties are both usually positively disposed to one another at the start.