Unformatted text preview: ATK minimize its loss. 2. Based upon what you read in the Contracts 101 article, is there a contract between ATK and NASA? Theoretically, we need 3 elements in order to form a contract, an offer, an acceptance, and consideration. In this case, Tom and Sandra who represent NASA and ATK respectively had a conversation about NASA could purchase from ATK. It meets the requirements of an offer and an acceptance of establishing a legal contract. But Tom made the promise without discussing contractual terms. Therefore, there is not a contract between NASA and ATK, even though misunderstanding and unspecified explanations may cause huge loss in ATK....
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This note was uploaded on 10/18/2011 for the course BUSMGT 461 taught by Professor Whitesides during the Spring '11 term at BYU.
- Spring '11