Textbook Note - Chapter 7.pdf

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Philip King
Semester
Fall

Description
The Terms of a Contract The Content of a Contract Terms Contractual terms can be expressed or implied Express Term: A provision of a contract that states a promise explicitly. Judicial Interpretation of Express Terms: Vague or Ambiguous Language Drafter should bear risk of unclear language. Rules of Construction Guiding principles for interpreting or "constructing" the terms of a contract. Implied Terms: A provision that is not expressly included in a contract but that is necessary to give the effect to the parties' intention. Business Efficacy A judge is entitled to imply terms necessary to make the contract workable. Customs in the Trade of the Transaction Rarely successful Previous Dealings between the Parties If parties have contract in the past, it may be possible to imply that their current contract contains the same terms. Statutory Requirements Specialized rules governing the sale of goods and the extent to which consumer transactions can exclude their application. The Ontario Sales of Goods Act Entire Contract Clause A term in a contract in which the parties agree that their contract is complete and written. Contractual Quantum Meruit Awarding one party a reasonable some for the goods or services provided under a contract.. "As much as is merited or deserved" The Parol Evidence Rule Contracts can take three possible forms: Entirely Oral Entirely Written Both oral and Written The Parol Evidence Rule A rule that limits the evidence a party can introduce concerning the contents of the contract. Three situations when evidence outside the contract is important and considered:
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