Management and Organizational Studies 2275A/B Lecture Notes - Lecture 2: Reputation Management, Fundamental Breach, Undue Influence

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

Document Summary

People will not enter into contracts if they do not receive a benefit. The terms of contracts voluntarily entered are fair (however if the court thinks a contract is grossly unfair then they can choose to not enforce the contract) Elements of a contract include (according to book) An agreement: an offer to enter into a contract and an acceptance of that offer. Complete: in the sense that it is certain. Deliberate: both parties must want to enter into the contractual relationship. Supported by mutual consideration: each party must give something. For the most part, rules governing contract law are based in common law. Contracts allow people to create their own rights and duties which can later be enforced by a judge. Communication in business is automatically laden with legal meaning. Therefore, business people must know when simple business communications crystalize into legal obligations.