Management and Organizational Studies 2275A/B : Contract Law Ch 5.docx

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

Document Summary

Contract a deliberate and complete agreement between two or more competent persons supported by mutual consideration: not necessarily in writing, to do some act voluntarily, enforceable in a court of law. An agreement composed of an offer to enter into a contract and acceptance of that offer. Complete the offer must be complete, certain. Deliberate the agreement must be deliberate, both parties must want to enter into a contractual relationship. Voluntary agreement must be freely chosen. Between two or more competent persons must be at least two parties in a contract that have legal capacity. Supported by mutual consideration involves a bargain or exchange between the parties, each party must give something of value in order to receive something of value. Not necessarily in writing oral contracts are enforceable, though written is preferable. Contracts are first started with communication to enter an agreement.