Management and Organizational Studies 2275A/B Lecture Notes - Lecture 4: Condition Subsequent, Expectation Damages, Non Est Factum

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

Document Summary

Can be terminated within one year (given one-year notice) Can be terminated after the five years after the contract was completed. Within the contract there is three separate phrases (comma) Contract essentials: consensus, consideration, intent, legality, capacity. Void vs. voidable vs. unenforceable: void contracts. Exist, but may be avoided by one of the parties. If a party lacks capacity, its not void but its avoidable (someone who lacks capacity can walk away from the contract: valid but unenforceable contracts. Exist, but cannot be enforced (e. g. statute of frauds) In order to be enforceable, these contracts must be in writing to be enforceable. No court is going to enforce an illegal action. Void if it is not illegal: cannot be contrary to public policy. Do not have a book for public policy. Paul dimovski: if the court can sever the clause, they will (unless it takes away the meaning of the contract)