Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Estoppel
19 Oct 2017
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Do the sensitivity that the volatility is at lately. Definition: contract: an exchange of value (often in the form of promises) which the law will enforce. Assumptions made in contract law: people will not enter into contracts if they do not receive a benefit, the terms of contracts voluntarily entered are fair. (cid:523)we don"t inquire(cid:524) *but doesn"t always hold, sometimes we do care it tends to creep back. Ex(cid:524) no contracts for per hour wage . Consensus: offer and acceptance, distinguish offers from mere (cid:498)invitations to treat(cid:499, offers must be communicated, offers are effective when received and understood. Doesn"t have to be in writing or signed, but it is easier to prove, issue is evidence and proof. It is rejected: there is a counter-offer. It expires (either day specified or after a reasonable time if no date is specified) It is revoked: one of the party dies or becomes incompetent. *****go to slides and look at postbox acceptance rule.
