HROB 3050 Lecture Notes - Lecture 4: Golden Parachute, Oral Contract

• School: University of Guelph
• Department: Human Resources and Organizational Behaviour
• Course: HROB 3050
• Professor: Rhonda Gordon

Document Summary

Hrob 3050 chapter 4 the employment contract. Every employment relationship is based on a contract, regardless of whether the contract is oral or written. Under the common law, 3 things necessary to create contract: offer, acceptance of the offer, consideration (something given or promised in exchange) A binding legal employment is created, therefore, whether there is a job offer (covering essential terms), an acceptance of that offer, and the promise to exchange wages for work performed (the consideration) (binding is written) Oral contract also contains the 3 elements: written employment contracts. Courts have developed a set or standard implied terms that reflect what they perceive the parties" rights and obligations ought to be. For a senior position, the parties may want a written contract that is formal and comprehensive: may be important to address confidentiality, non- solicitation, and non-competition obligations.