Management and Organizational Studies 2275A/B Chapter Notes - Chapter 7: Condition Subsequent, Condition Precedent, Parol Evidence Rule

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

Document Summary

The terms (or content) of a contract simply refer to promises made by one party to another by virtue of offer and acceptance. Contractual terms can be express or implied. Makes it hard to predict how a court will interpret a contract. Implied terms: implied term a provision that is not expressly included in a contract by that is necessary to give effect to the parties intentions, courts will imply terms based on a number of grounds. Business efficacy permits judges to imply terms necessary to make the contract workable. Customs in the trade of the transaction is rarely successful since is must be proved that the custom is so notorious that the contract in question must be presumed to contain such an implied term. Previous dealings between the parties if parties have contracted in the past, it may be possible to imply that their current contract contains the same terms.