UofP - MBA560 - Lecture Re Contract Law - 07-15-06

UofP - MBA560 - Lecture Re Contract Law - 07-15-06 - above...

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Contract Law A contract (k) is an agreement by or between two or more competent legal parties, based upon sufficient legal consideration, to do or not to do something that is possible to be done and is not prohibited by law. People think that a contract must be performance (each side doing something). There can exist a contract do not something (giving up) is called forbearance. Does a contract have to be in writing? Not necessarily. Real estate has to be in writing. Earnest money must be in writing; however, statutes of fraud …buyer gives a substantial down payment, goes on the property, does improvement on the property. The court says that an unfair advantage (see
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Unformatted text preview: above), this indicates that it takes it out of (satisfies) statutes of fraud. • Because a contract does not include language (or verbiage) that allows a company entering into the contract to terminate the contract, can it be terminated legally? What is the recourse? o There has to exist a substantial breach of contract (or failure) in order to terminate the contract. Genetic testing Genetic testing because companies do not want claims. Companies will test to see if the person is hypersensitive to chemicals. However, other things have shown up (like a disease) that can skew a companies’ opinion or hiring of a person....
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