Mgmt 354, Notes, Chapters 12-17

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

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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.
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