Mgmt 354, Notes, Chapters 12-17

Mgmt 354, Notes, Chapters 12-17 - Chapters 12-17 Contract...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapters 12-17 Contract- legally binding agreement under positive law. An agreement creating an obligation. A binding agreement based on the genuine assent or mutual agreement of the parties, made for a lawful object, between competent parties, in the form required by law, and supported by consideration. Each party is legally bound to do or refrain from doing certain acts. Elements of a Contract - Offer acceptance Between competent parties Based on the genuine assent of the parties that is Supported by consideration Made for a lawful purpose In the form required by law Subject Matter of contracts- may relate to the performance of personal services, such as contracts of employment to work developing computer software or to play professional football. A contract may provide for the transfer of ownership of property, such as house (real property) or an automobile (personal property), from one person to another. Promisor- Person who makes a promise. Promisee- Person to whom a promise is made. Obligor - Promisor -- If the promise is binding and it imposes on the promisor a duty or obligation. Obligee - Promisee who can claim the benefit of the obligation Privity- The parties to a contract are said to stand in privity with each other when they have entered into a legally enforceable contract, and the relationship between them is termed privity of contract. More often parties are given special names that better identify each party. For example- in case
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/03/2012 for the course MGMT 354 taught by Professor Staff during the Fall '08 term at Purdue.

Page1 / 3

Mgmt 354, Notes, Chapters 12-17 - Chapters 12-17 Contract...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online