Management and Organizational Studies 2275A/B Chapter 8: Chapter 8
16 Sep 2016
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Document Summary
Once negotiators reach an agreement that appears to contain their consensus on the essential elements of a bargain, a contract is formed. Injustice in enforcing contracts without any provision for exceptional circumstances. Doctrines that are exceptions to the rule of enforceable contracts once formed ounequal relationship between parties omisrepresentation or important mistakes concerning the contract odefect within the contract itself. 2 outcomes ovoidable: an aggrieved party can keep contract in force or bring it to an end. Signing under duress their choice to abide by it or have it set aside by judge ovoid contract: involves a defect so substantial that its of no force or effect. Court can declare it null and void. Law assumes people and orgs have the legal capacity to form contracts. Contract law also emphasizes importance of consent and voluntariness. Kids and those with mental incapacities are given special legal protection. Age of majority: age they are recognized as an adult for legal purposes.
