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

30 views5 pages

Document Summary

Important that the essential terms of a contract be expressed so that each party knows its obligations and the obligations of the other side. Express term a provision of a contract that states a promise explicitly: contractual terms can be express or implied exposure to liability. Terms: should be very careful not to make assumptions about any aspect of the transaction, terms, not assumptions, have legal weight. Implied terms a provision that is not expressly included in a contract but that is necessary to give effect to the parties" intention. Business of efficacy: permits judges to imply terms necessary to make the contract workable, makes the obligation implicit, a term of good faith is therefore implied. Statutory requirements: provides that certain terms are a mandatory part of every contract for the sale of goods provincial sale-of-goods legislation. Terms are not easily implied except in routine transactions or unless the sale of.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents