Management and Organizational Studies 2275A/B Lecture Notes - Lecture 2: Parol Evidence Rule, Liquidated Damages, Estoppel

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

Document Summary

Contract: an exchange of value (often in the form of promises) which the law will enforce, how do you know if you have a contract that the law will enforce, ex. Because you agreed to it, no one forced you to agree to it. The law isn"t fair: what"s fair is what you voluntary agree to, so that"s what is used, a promise that is binding. Purpose of contract law: to promote trade and commerce, to facilitate the flow of goods and capital. If you paint someones apartment when they"re away just to be nice, and then when they get back they say thank you and offer to pay you for it. Then a week later they say they are not going to pay you. You cannot sue them because you didn"t exchange these things of value prior to you painting the apartment. You then amend your contract to pay more.