Management and Organizational Studies 2275A/B Chapter 5: Biz Law - Ch. 5 Textbook

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

A contract is a deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily. By definition, a contract is enforceable in a court of law: an agreement. An agreement is composed of an offer to enter into a contract and an acceptance of that offer. The agreement must be complete, that is, certain: deliberate. Both parties must want to enter into a contractual relationship: voluntary. Must be freely chosen and not involve coercion or other forms of serious unfairness: between two or more competent person. Those who enter into a contract are known as parties to the contract. There must be at least two parties in any contract, who must have legal capacity: supported by mutual consideration. Involves a bargain or exchange between the parties. Each party must give something of value in exchange for receiving something of value from the other party.