Management and Organizational Studies 2275A/B Chapter Notes - Chapter 7: Fredericton International Airport, Shrink Wrap, Click Wrap

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Desmond Mc Keon

Document Summary

Chapter 7 the terms of a contract. Terms: contractual terms can be expressed or implied. Express terms: express term provision of a contract that states a promise explicitly, can include price, quantitiy, and warranties associated with the tracking, parties negotiating a contract should be careful not to make assumptions. If the contract has been drafted by one of the parties, any ambiguity in language will be interpreted against that party in favour of the other drafter bears risk of unclear language. Using contractual terms to manage risk: planning function of law permits a business person to use contractual terms as a buffer against future, uncertain events as well as a way of limiting liability. Changed circumstances: terms of a contract are settled at the time of acceptance so obligations are enforceable unless a clause is included stating possible arise of conflicting circumstances.