BUSI 2601 Lecture Notes - Lecture 9: False Advertising, Social Contract, Contract
25 Aug 2015
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Pre class talk: a new law in canada was established which dictates that if you are outside of canada for five years, you are not allowed to vote in canadian elections anymore. 3 elements that compose a contract: offer: a promise ascertained on specific terms. Advertisement is not a promise, it is an invitation to treat. We need to commit to the terms of the promise and accept these terms. The key thing in the offer is the communication of this acceptance. How does the other party know that we have agreed to the terms and accepted. the other party needs to reply back or confirm the fact that both parties are aware of the acceptance. How we perform the acceptance is determined by technology. Ie. dropping an acceptance letter in the mail, confirmation is determined by date on letter. Ie. an electronic device that is instantaneous: we need confirmation of the acceptance otherwise we cannot confirm this.
