COMM231 Chapter Notes - Chapter 5: Bargaining Power, Reputation Management
14 Feb 2016
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The two principles in the margins (objective standard and equal bargaining power) are important. You should also attempt to understand the negotiation process and to what extent and when to involve lawyers. Contract: an agreement between two parties that is enforceable in a court of law (not necessarily in writing) Key terms: agreement: composed of 1) an offer to enter into a contract and, an acceptance of that offer. Meeting of minds": parties have agreed on what their essential obligations are to each other: complete: the agreement must be complete -> certainty, deliberate: the agreement must be deliberate. Both parties must want to enter into a contractual relationship, formally known as an intention to create legal relations: voluntary: agreement must be freely chosen, between two or more competent persons. 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.
