Management and Organizational Studies 2275A/B Chapter Notes - Chapter 7: Liquidated Damages, Parol Evidence Rule

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

Document Summary

Simply refer to promises made by one party to another by virtue of offer and acceptance. Co(cid:374)t(cid:396)a(cid:272)t is a (cid:271)usi(cid:374)ess tool that (cid:272)a(cid:374) (cid:271)e used to (cid:373)a(cid:374)age a (cid:271)usi(cid:374)ess" e(cid:454)posu(cid:396)e to lia(cid:271)ilit(cid:455) A(cid:374) e(cid:454)p(cid:396)ess te(cid:396)(cid:373) is a p(cid:396)o(cid:448)isio(cid:374) of the (cid:272)o(cid:374)t(cid:396)a(cid:272)t that states o(cid:396) (cid:373)akes e(cid:454)pli(cid:272)it o(cid:374)e pa(cid:396)t(cid:455)"s promise to another. Essential terms of a contract be expressed so that each party knows its obligations and the obligations of the other side. Example, coasters and trackers contract, a number of terms are express, including the price, quantity and warranties associated with the tracking. Vague and ambiguous language: may be problems interpreting what a term mean s. Rules of construction guiding principles for interpreting or constructing the terms of a contract are often conflicting. When parties fail to address an important aspect of their contractual relationship, the law may help to fill in the blacks through implied terms: cannot be relied on with any certainty.