MGMT 35400 Chapter Notes - Chapter 11: Contract, Consumer Protection, Executory Contract

• School: Purdue University
• Department: Management
• Course: MGMT 35400
• Professor: thomas Brooks

Document Summary

Nature and classes of contracts: contracting on the internet. Practically every business transaction affecting people involves a contract. Contracts agree out of agreements, so a contract may be defined as an agreement creating an obligation. Each party is legally bound to do or refrain from doing certain acts. Subject matter may relate to the performance of personal services. Contract may provide for the transfer of ownership of property from one person to another person. Obligee-promise who can claim the benefit of the obligation. Privity-succession or chain of relationship to the same thing or right. Privity of contract-relationship between a promisor and the promisee. Party to a contract may be an individual, partnership, limited liability company, corporation, or government. Contracts can be classified as formal or informal. Formal contracts-written contracts or agreements whose formality signifies the parties" intention to abide by the terms.