Mos 2275 Chapter 5 Notes.docx

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Management and Organizational Studies
Management and Organizational Studies 2275A/B
Desmond Mc Keon

Chapter 5: Introduction to Contracts Introduction  Contract: Deliberate and complete agreement between two or more competent persons. o Can vary largely, from a small purchase to investments that require negotiations and documentations o Needed because personnel may change, memories can become self-serving and genuine differences may arise. o Informal business arrangements also are successful, but much less common. o Rules governing contracts are usually based on common law. o Depending on the nature of the contract, certain legislation may also be relevant.  Agreement: An offer to enter into a contract and an acceptance of that offer o Terms: Promises contained in the agreement o An agreement must be:  Complete: certain  Deliberate: Both parties must want to enter into a contractual relationship.  Voluntary: An agreement must be freely chosen and not involve coercion or other forms of unfairness  Between two or more competent persons (parties), and enforceable by law  Supported by mutual consideration. Each party must give something in return for something else.  Not necessarily in writing (some exceptions) o Once an agreement is made,  Both parties can rely on the created terms to plan their business affairs arise.  If there is a conflict, the parties can: litigate, negotiate, arbitrate, or mediate as written in the contract. Legal Factors in their Business Context: Creating the Contract  Communications o Communications is not simply about discussing possibilities in that it is automaticall
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