BUSI 4000 Lecture Notes - Lecture 7: All England Law Reports, Business Standard, Reasonable Time
10 Dec 2017
School
Department
Course
Professor
Document Summary
Legal ingredients of a contract: offer, acceptance, consideration, intention. A take it or leave it contract. Customer agrees to a standard set of terms that favors the other side. The law expects people to take care of themselves. Critical to read and understand a contract before signing it. Offeror: the person who makes an offer. Offeree: the person to whom an offer is made. Lapse: expiration of an offer after a specified or reasonable period. Rejection: the refusal to accept an offer. Counteroffer: turning down an offer and proposing a new one in its place. The offeror can revoke an offer at any time before acceptance upon notifying the offeree of withdrawal. Upon revocation, the offer ceases to exist. Option agreements: an agreement where, in exchange for payment, an offeror is obligated to keep an offer open for a specified time: separate contract that may/may not lead to the acceptance of the offer.
