Management and Organizational Studies 2275A/B Chapter Notes - Chapter 8: Estoppel

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

Document Summary

Consideration: something that has value in the eyes of the law, and which a promisor receives in return for a promise. Payment of money, performance of a service, promise not to do something, delivery of property . Cannot be something that the person has received before the promise is made, or something that a person is already entitled to receive by law. Seal: a formal mode of expressing the intention to be bound by a written promise or agreement. This expression usually takes the form of signing or affixing a wax or gummed paper wafer beside the signature, or making an engraved impression on the document itself. Involves the advertisement of the particular needs of the firm to potential suppliers of the goods and services, either by way of newspaper or by direct mail contact. Fairly opening competition to all firms in the municipality.