Management and Organizational Studies 2275A/B Chapter Notes - Chapter 5: Bargaining Power, F Communications, Business Communication

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An introduction to contracts the general concept of a contract the key factors in the contractual relationship the business factors influencing the formation and performance of contracts. After studying this chapter, you should have an understanding of: Through an awareness of contract law, business organizations are better able to protect themselves when forming and enforcing contracts. Contracts generally are not required to be in a particular form, but clear agreement on all essential terms is necessary. Those involve in negotiating contracts should be aware of the legal impact of their communication with each other, and they should realize that they are largely responsible for protecting their own interests before agreeing to terms. Use this outline to prepare a complete set of notes for this chapter. Objective standard test to decide if a contract was made ______________________ Common law and precedent apply to contractual dispute _____________________ Business relationships: impact of a lawsuit on future transactions__________________