Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Fax, Estoppel, Liquidated Damages

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

Document Summary

Comma determines agreement (two different agreements in 1) Comes at a cost, don"t cross over the line. An exchange of value (often in the form of promises) which the law will enforce. Cellphone contracts: no one reads term really, very one sided on the companies side. All the law cares about is that you voluntarily signed it. Why do we enforce contract at all? economy. To promote trade and commerce and economy. Facilitates the ow of goods and capital. Assumptions made in contract law: people wont enter into contracts if they don"t bene t, law assumes people are sel sh, the terms of contracts voluntary entered are fair. Where do the principles come from? precedent (cases) Amounts to an offer and an acceptance of that offer. No offer, invitation to treat, not an offer. Price tag isn"t an offer - also an invitation to treat. Offer must be communicated (doesn"t have to be in writing)