Management and Organizational Studies 2275A/B Chapter Notes - Chapter 6: Formal Language, Fax, Cash Register

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

Document Summary

The contract: some of the basic elements of contracts include: An agreement: parties must have reached a consensus as to their rights and obligations. Deliberate before a contract can be in place: agreements are composed of offers and acceptances. Offer: a promise to perform specified acts on certain terms: the person who makes an offer is called the offeror, the person to whom an offer is made is called the offeree. Courts will not speculate on what the parties would have agreed had the terms been complete: an offer can achieve certainty even if its leaves certain matters to be decided in the future. Customer takes item to cash register = offer. Invitation to treat: an expression of willingness to do business: no legal consequences, simply the communication expressing that there is a wish to do business, common example, not capable of being accepted. Loaning money from the bank when an offer has been made.