Management and Organizational Studies 2275A/B Chapter 6: Chapter 6
16 Sep 2016
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Elements oagreement (offer & acceptance) ocomplete/certain odeliberate (intention to create legal relations) osupported by mutual consideration. This agreement takes the form of offer and acceptance. Offer: promise to perform specified acts on certain terms. Entitled to accept offer and other party must supply the product/service. Contracts can only be formed from complete offers oall terms are set out. Doesn"t have to be perfectly clear and precision in how its expressed. Courts interpret alleged offer in a reasonable fashion and thereby resolve ambiguities. Can leave some matters to be decided later ostill a contract oex. Court doesn"t care what they would have agreed on if they could complete their negotiations. Offers is different from a communication that merely expresses a wish to do business. In law, the latter form of communication is called an invitation to treat and has no legal consequences othey have no content/terms.
