Management and Organizational Studies 2275A/B Lecture Notes - Lecture 2: Bargaining Power, Edmonton Journal, Business Ethics

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

Document Summary

Understand the general concept of a contract. Understand the business context of contract formation. Understand the business context of contractual performance. Supported by mutual consideration: you(cid:495)re going to do something and )(cid:495)m going to do something or you won(cid:495)t and ) won(cid:495)t. Side a gets money side b gets a car: both of us get something from it, gift one sided consideration. Permit both parties to rely on the terms they have negotiated and plan their business affairs accordingly. Create binding promises that can be enforced in court. If a dispute arises between the two parties, there are various options for dispute resolution. Start of the contractual relationship legally bound. Objective standard test (ow a (cid:498)reasonable person(cid:499) would view the conduct of the parties. Concert hall cancels alleged contract with maximum fighting inc. The litigation between winspear and mfi has not yet seen a public resolution so facts remain sketchy.