COMM231 Chapter Notes - Chapter 5: Bargaining Power, Reputation Management
13 Apr 2016
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Contract deliberate and complete agreement between two or more competent persons, not necessarily in wriing, supported by mutual consideraion, to do some act voluntarily, and which agreement is enforceable in a court of law. Agreement between the paries: meeing of the minds agreed on what their essenial obligaions are to each other, composed of an ofer and an acceptance, promises in contracts are called terms. Deliberately made: intenion to create legal relaions. Voluntarily made: freely chosen and no coercion. Supported by mutual consideraion: both paries ofering something of value. Case: tal vs ontario lotery corporaion 6/49 (2011) 1. 3 million is divided among all 20000 winners who got 4 of 6 matches. Rules were clearly stated and applied by the lotery. Case: concert hall cancels alleged contract with maximum fighing inc. Winspear accidently booked mfc for 3 events at their concert hall. Cancelled the arrangement and said error was made.
