Lev and Drew Have Been Negotiating Verbally and in Writing

question 43

True/False

Lev and Drew have been negotiating verbally and in writing concerning the purchase by Lev of a number of items manufactured by Drew's company. Lev insists that they have only reached the stage of having an agreement in principle but Drew says they have a binding contract. If one of the terms they agreed upon verbally was that they would execute a written contract, the court will hold that a contract does exist.

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Definitions:

Collective Bargaining

The negotiation process between employers and a group of employees aimed at reaching agreements to regulate working conditions, wages, and other employment terms.

Management Negotiators

Representatives of the management or employer side who participate in negotiations with employees or their representatives on matters such as contracts, pay, and conditions.

Contract

A legally binding agreement between two or more parties that outlines the terms and conditions of a particular arrangement or deal.

Disciplinary Clauses

Provisions within a contract or agreement that outline the procedures and consequences for non-compliance or misconduct.