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Unformatted text preview: MANAGING FOR EFFECTIVE AND ETHICAL ORGANIZATIONAL BEHAVIOR Essay 17 (Contractual Agreement) MBA People have to be careful about what they say and what they do, because one day it can be used against them. Bam Bam lost his sight completely. Will he collect damages? Who is liable for this tragic accident? This paper will answer these answers. Estoppel is a doctrine of reliance; prevents parties from backing out of an obligation they have created; for example, a partner by estoppels has allowed others to use her name in connection with a partnership and is stopped from denying liability to third parties who have relied on that representation. But what if there was no contract, so can the party be liable? Is Fred binded by the contractual agreement? Lets first discuss contract, offer and acceptance. What is a contract? ,,A contract is formed when two parties with the correct mental intent, under the correct circumstances, within the boundaries of the law, and with some detriment to each of them...
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- Summer '11