Textbook Note - Chapter 5.pdf

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Western University
Management and Organizational Studies
Management and Organizational Studies 2275A/B
Philip King

An Introduction to Contracts Introduction to Contract Law Contract: An agreement between two parties that is enforceable in a court of law. An Agreement: An agreement is composed of an offer to enter into a contract and acceptance of that offer. Complete: Agreement must be complete; Certain. Deliberate: Both parties must want to enter into a contractual relationship. Voluntary: Freely chosen; not involve coercion or other forms of serious unfairness. Between two or more competent persons: Must be at least two parties to any contract, who must have legal capacity. General rule; only parties to a contract can sue and be sued on it. Supported by mutual consideration: Each party must give something of value in exchange for receiving something of value from the other party. Not necessarily in writing: Even oral contracts are enforceable. Some contracts must be in writing… i.e. Land. Contract law ensures that each party gets what it has bargained for. A contract contains Binding Promises: Through a Contract (Chapter's Case Example): Trackers Makes binding promises concerning price, quantity, and delivery of tracking to Coasters. Coasters Makes a binding promise to pay the purchase price to Trackers. Rules governing
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