BUSI 2601 Chapter Notes -Vise, Liquidated Damages, Equipment Rental
Document Summary
Contract - agreement between two or more parties that is enforceable by law. Contracts are found in everyday life, and has various means of communication. Always involves agreement, but not every agreement is a contract. When entering into a contract, both parties are expected by the other contracting party, the courts, the business community, and society at large to honour your commitment. Failure to do so calls for breach of contract and has consequences. Contracts for the purchase and sale of goods. Provincial statutes can govern certan situations, as contracts involving consumers and those involving sale of goods. Contracts involving employment of staff are subject to federal and provincial human rights legistlation. A single business contract can have far reaching consequences for the entire enterprise. To prevent chaos, businesses must implement an honest contract that ensures the other businesses can depend on them to fulfil their obligations and vise versa.
