Management and Organizational Studies 2275A/B Lecture Notes - Lecture 1: Consumer Protection, Negotiable Instrument, Novation

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

Document Summary

Elements of a contract include (according to book: an agreement: an offer to enter into a contract and an acceptance of that offer, complete: in the sense that it is certain, deliberate: both parties must want to enter into the contractual relationship, voluntary: agreement must be freely chosen, between two or more persons, not necessarily in writing. This is governed by the objective standard test: the test based on how a reasonable person would view the matter, thus, a party has the right to accept a contract if a reasonable person was led to believe a contract was offered, even if the other party did not view the situation as an offering of a contract, bargaining power: although one party usually has more leverage than the other, equal bargaining power is assumed in contract law, however think of cell phone contract.