Management and Organizational Studies 2275A/B Chapter Notes - Chapter 5: Reputation Management

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

Document Summary

Chapter 5 an introduction to contracts: introduction to contract law, contract is a deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual consideration, to do some act voluntarily, contract, agreement: an offer to enter into a contract and an acceptance of that offer, complete: certainty, voluntary: everyone is free to sign the contracts, between two or more competent persons, parties: people who sign the contract, supported by mutual consideration: each party must give something of value in exchange for receiving something of value from the other party, not necessarily in writing, common law is the base of contracts rely on precedents, but judges have to hear from both parties, contracts law allows participants to create their own rights and duties within a framework of rules that a judge will later enforce, if called upon to do so, contract is subject to the same set of mandatory legal rules.