MCS 3040 Chapter Notes - Chapter 5: Bargaining Power
8 Jan 2019
School
Department
Course
Professor
Document Summary
Contract: agreement between 2 parties that is enforceable in court. Agreement: offer and acceptance of that offer, meeting of the minds. Deliberate: both parties must want to enter. Between 2 or more people: parties to the contract, only parties to a contract can sue or be sued. Supported by mutual consideration: party must give something of value in exchange for receiving other value. Contract law ensures that each party gets what they bargained for. Judge does not rely on statue law to guide decision. Objective standard test: based on how a reasonable person would view the matter. Equal bargaining power: legal assumption that parties to a contract are able to look out for their own interest. Assumes that those who negotiate and enter into contracts have ebp, are capable of looking out for themselves. Contract law is a narrow scope: emphasizes a specific transaction, not concerned with long term business relationships.
