mgmt 209 chapter 4&5 vocab

mgmt 209 chapter 4&5 vocab - acceptance offeees...

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acceptance- offeees expression of assent/agreement to the exact terms of the offer. must be: unconditonal words or conduct legally communicated unilateral contract: performance accepts contract. substantial amount of work done, cant stop work or must pay for whats been done. agency- principle appoints agent to represent principal in business dealing with third party. agent- representative of principle apparent authority- (or Agency by Estoppel) no actual authoriy third party can bind principle by actions of agent. alleged principle doesn't have to know of actions of agent.
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third party thinks agent is representing principle. if they don't stop agent from doing what they're doing then they're affirming the action. bilateral- a promise for a promise. i promise to paint your house if you promise to give me $1000. complete performance- done. completed work. condition concurrent- i'll do give you my house and you give me money. condition subsequent- i'll keep giving you 20$ once a week until your 18 condition precedent- an action has to occur before contract is activated. (if theres 20 inches of snow then the agent will book the vacation) consideration- a mutual exchange. you start contract to get something
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in return (consideration)something of value that is bargained for in exchange for a promise counteroffer- cancels original offer. switches the offeror and offer. detrimental reliance- promissory estoppel. the courts holding someone to a promise that had to consideration. disaffirmance- minor voids contract. can be by words or actions. may owe restitution duress-forced into a contract against their own will. threats of
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mgmt 209 chapter 4&5 vocab - acceptance offeees...

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