Management and Organizational Studies 2275A/B Chapter 6: Bus Law - Chapter 6

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

Document Summary

Basic elements of a contract: agreement (i. e. , composed of offer and acceptance, complete (i. e. , certain, deliberate (i. e. , intention to create legal relations is present, supported by mutual consideration. Reach a consensus to their rights and obligations takes form of offer and acceptance. An offer is a promise to enter into a contract, on specified terms, as soon as the offer is accepted. For amritha, this happened in negotiations between her an jason when jason committed to provide tracking to coasters in the concrete terms noted negotiations are important because. Amritha is entitled to accept that offer, and trackers is obligated to supply its product exactly as. Only a complete offer can form the basis of a contract. All essential terms must be set out or the contract will fail for uncertainty: does not have to meet the standard of perfect clarity and precision in how it is expressed.