Management and Organizational Studies 2275A/B Chapter Notes - Chapter 6: Quantum Meruit, Estoppel, Contract

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Susan Mc Grath

Document Summary

Bilateral contract: a contract in which there is an exchange of promises: both parties assume an obligation. Contract: a voluntary exchange of promises creating obligations which, if defaulted on, can be enforced and remedied in the courts. Consensus: factor in validity of a contract: both parties must objectively know and agree to its term. Consideration: the price one is willing to pay for the promise set out in the offer. Capacity: the freedom to enter into a contract, which is sometimes limited by law, as is the case, for example, with minors, the insane, the intoxicated, aliens, bankrupts, and indians. Counteroffer: a new offer, proposal of which rejects and terminates the offer available until then. Express contract: contract in which the parties have expressly stated their agreement, either verbally or in writing. Gratuitous promise: a one-sided agreement that the courts will not enforce.