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Presentation prepared by Allan Elliott, Southern Alberta Institute of Technology

CANADIAN BUSINESS AND THE LAW Second Edition by Dorothy Duplessis Steven Enman Shannon O’Byrne Sally Gunz. Presentation prepared by Allan Elliott, Southern Alberta Institute of Technology.

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Presentation prepared by Allan Elliott, Southern Alberta Institute of Technology

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  1. CANADIAN BUSINESS AND THE LAW Second Edition by Dorothy Duplessis Steven Enman Shannon O’Byrne Sally Gunz Presentation prepared by Allan Elliott, Southern Alberta Institute of Technology

  2. CHAPTER FIVEAN INTRODUCTION TO CONTRACTS OBJECTIVES: • The general concept of a contract • The legal factors in the contractual relationship • The business factors influencing the formation and performance of contracts

  3. INTRODUCTION TO CONTRACT LAW DEFINING CONTRACT LAW ▪ Contract • deliberate and complete agreement between two or more competent persons, not necessarily in writing, supported by mutual considerations, to do some act voluntarily and enforceable in a court of law

  4. KEY FACTORS IN CONTRACTUAL RELATIONSHIPS KEY FACTORS • communication • start of the contractual relationship • objective standard test • how a ‘reasonable person’ would view the conduct of the parties

  5. KEY FACTORS IN CONTRACTUAL RELATIONSHIPS KEY FACTORS • equality of bargaining power • legal assumption that parties to a contract are able to look after their own interests • incomplete agreement • an agreement which is not contractual because its content is not sufficiently comprehensive • inequality of bargaining power - standard form contracts – “take it or leave it”

  6. CONTRACT LAW DEFINED CONTRACT LAW IN CONTEXT • contract law is only one relevant factor in a commercial transaction • the parties must consider the following: • business relationships • economic reality • reputation management

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