LAW 122 Lecture Notes - Lecture 7: Posting Rule, Contract
22 Mar 2016
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Contract: an agreement that contains legally enforceable rights and obligations. Offer: indication of a willingness to enter into a contract. As soon as offer is accepted we have a contract. Courts classify some statements as invitations to treat: willingness to receive offers not actual offer i. e display of an object on store shelf is an invitation to treat, ad in newspaper. An ad could be an offer if a reasonable person reads it that way. As long as a proposition is communicated and received as an offer it does not have to take a certain form i. e getting a haircut, buying a tv. Revocation: party who made the offer withdraws it (can withdraw at any time) It is not effective unless it is reasonably communicated to the offeree. Firm offer: holds an offer open for acceptance for a certain period. Tenders: offer to undertake a project on particular terms i. e govt wants to build library.
