Management and Organizational Studies 2275A/B Lecture Notes - Lecture 3: Nudge Nudge, Undue Influence, Unconscionability

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

Document Summary

If a contract lacks consensus, or is illegal, then it is voided. I. e. i"(cid:28672) (cid:28661)(cid:28680)y(cid:28668)(cid:28673)(cid:28666) (cid:28660) (cid:28667)(cid:28674)(cid:28680)(cid:28678)(cid:28664) (cid:28665)(cid:28674)(cid:28677) ,000 no written contract, only verbal agreement contract exists, but cannot be enforced if you refuse to sell me the house and i sue you, i will not win. Must prove these five components to legally enforce a contract. Purpose of the contract must be legal. Contract cannot be contrary to public policy. Good example of how fairness creeps back in to contract and protects consumer and employees. This situation is different from signing and owning like rogers phone contract. Contracts with people under the age of majority are voidable at the option of the minor the adult cannot enforce the contract. Exception: contracts for necessaries (basic food, shelter) To encourage people to enter into contracts with minors in regard to necessaries, these contracts are enforceable against the minor.