MGMT 311 Exam III Questions and answers, VERIFIED. latest 2024/25 exam prediction paper/ APPROVED.

MGMT 311 Exam III Questions and answers, VERIFIED. Chapter 12: Formation of Traditional and E-Contracts - -Chapter 12: Formation of Traditional and EContracts Function of Contract Law - -Contracts create expectations as to how parties to agreements will conduct themselves in the future If a party to a valid contract does not carry out a promise, a court will enforce the contract and provide some form of relief or remedy to the non-breaching party Contract law provides stability and predictability and is the foundation upon which more specialized areas of the law are built Contract - -agreement enforced between 2+ parties who promise to perform or refrain from performing now or in the future Breach - -a violation of contract that leads to liability, because both parties have duties to each other Objective Theory of contracts - -The apparent intention of a party to enter into a contract is determined by the objective, outward manifestation of his or her assent as it would be interpreted by a reasonable person Objective factors - -1. Words - What the party said or wrote when entering into the contract 2. Actions - How the party acted or appeared 3. Circumstances - circumstances surrounding the transaction Weston v. Cornell University - -Cornell University in New York offered Leslie Weston an associate professorship for an initial term of five years. The offer letter described the position as being "with tenure," but it stated that the offer of tenure would have to be confirmed by the university's review process after she was hired. For a variety of reasons, Weston delayed her tenure submission for five years and, when she finally submitted it, she was not awarded tenure. Cornell gave Weston a two-year extension, this time as an "associate professor without tenure," to allow her an opportunity to improve and resubmit her tenure package. Although she resubmitted her tenure request, it was again denied, resulting in her eventual termination. Weston sued Cornell for breach of contract, and lost. The court held that Cornell's two-year extension of Weston's position had clearly modified the original contract by stating that she was working as an associate professor "without tenure." Weston's subjective beliefs and unsupported arguments regarding the modification of her employment agreement were irrelevant. Requirements of a Valid Contract - -1. Ag