MCS 3040 Chapter Notes - Chapter 5: Reputation Management

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

Document Summary

Contract: an agreement between two parties that is enforceable in a court of law. A contract is a deliberate and complete agreement b/w two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily. A contract is enforceable in a court of law. An agreement: is composed of an offer to enter into a contract and an acceptance of that offer. The promises contained in the agreement are known as terms. There has been a meeting of the minds that the parties have agreed on what their essential obligations are to each other. Complete: the agreement must be complete, that is, certain. Deliberate: the agreement must be deliberate both parties must want to enter into a contractual relationship. This matter is formally known as an intention to create legal relations. Voluntary: the agreement must be freely chosen and not involve coercion or other forms of serious unfairness.