Chapter 5.docx

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Department
Management and Organizational Studies
Course Code
Management and Organizational Studies 2275A/B
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Prof

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Business Law Chapter Notes 10/18/2013 12:41:00 PM - Contract: Pact between two parties that is enforceable in a court of law  Not Necessarily in Writing: Oral contracts are enforceable  Agreement: Composed of an offer to enter into a contract and an acceptance of that offer  Complete: Agreement must be complete, certainty  Deliberate: Both parties must want to enter into a contractual relationship, intention to create legal relations  Voluntary: Agreement must be freely chosen and not involve serious forms of unfairness  Between Two or More People: Must have legal capacity  Supported by Mutual Consideration: Bargain or exchange between the parties. Each party must give something of value - Contract law ensures each party gets what they bargained for - Legal Factors in Their Business Context:  Creating the Contract o Communication  Initiates creation of contract  What people say not what they imagine  Objective Standards Test: Based on how a reasonable person would view the matter  Would a reasonable person see that an offer and
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