Management and Organizational Studies 2275A/B Chapter 5: Bus Law - Chapter 5

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

Document Summary

Through a contract: 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. Contract deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily: enforceable in a court of law. An agreement: composed of an offer to enter into a contract and an acceptance of that offer promises contained in the agreement are known as terms. Complete: the agreement must be complete, certain (certainty) Deliberate: agreement must be deliberate must want to enter into a contractual relationship. Voluntary: agreement must be freely chosen and not involve coercion or other forms of serious unfairness. Between two or more competent persons: those who enter into a contract are known as parties to the contract at least 2 parties to every contract.