MGMT 644 Study Guide - Final Guide: Quasi-Contract, Posting Rule, Specific Performance
Document Summary
Contracts provide means for individuals & businesses to sell & otherwise transfer property, services, & other rights. Contract between parties is the law between them & the courts are obliged to give legal effect to such contracts according to the true interests of the parties. Most contracts are performed without the aid of a court system because the parties feel a moral duty to perform as promised. Terms of contract = become private law between parties. Definition promises that courts can enforce contract when breached, and that courts recognize duty. Offeror - makes an offer to enter into contract. Offeree - offer is made to them; rejects or accepts contract. Some states have status to deal with certain types of contracts. Uses a reasonable person standard; would a reasonable person have believed that the two parties reached a contract. This is contract law that handles issues involving e-commerce, e-contracts, and e-licenses.
