Management and Organizational Studies 2275A/B Chapter 5: MOS 2275 CHAPTER 5

• 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. Agreement between 2 parties that 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 informing idea behind a contract is that there has been a meeting of the minds . That the parties have agreed on what their essential obligations are to each other: complete. The agreement must be complete, that is, certain: deliberate. The agreement must be deliberate, that is, both parties must what to enter into a contractual relationship. The 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.