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