MCS 3040 Chapter 5: Chapter 5

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There must be at least two parties to any contract, who must have legal capacity: only parties to a contract can sue and be sued on it. Supported by mutual consideration: a contract involves a bargain or exchange between the parties. This means that each party must give something of value in exchange for receiving something of value from the other party. Review case total e-com home delivery inc v. smith pg 106. Legal factors in their business context: creating the contractual. Bargaining power: rarely have equal bargaining power. Legal factors in their business context: performing or enforcing the contract. If coasters insists on that compensation, the relationship with that supplier may be irreparably harmed. Read the rest example to understand pg 110. Business application of the law: seeing the big picture. Issues can arise between the customer and service provider because contracts can never be entirely black and white.

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