MCS 3040 Chapter 7: Law Chapter 7

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Terms: contractural terms can be express or implied. Express term: a provision of a contract that states a promise explicitly: important so that each party knows obligations. Business ef cacy: permits judges to imply terms necessary to make contract workable. Customs in the trade of the transaction: relying on trade customs to imply a term is rarely successful. Previous dealings between parties: if parties have contracted in the past, it may be possible to imply that their current contract contains same terms. Statutory requirements: important source of terms implied by statute, found in sale-of-good legislation, provides mandatory parts of contract for sale of goods. Entire contract clause: a term in a contract in which the parties agree that their contract is complete as written. Contractural quantum meruit: awarding one party a reasonable sum for the goods or services provided under a contract.