BUS 393 Lecture Notes - Lecture 4: Reasonable Time, Estoppel, Fax

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Richard Yates

Document Summary

Invitation to treat: promotions/advertisements of special pricing are not offers: specified time, reasonable time if no specified time, death or insanity of offeror, revocation: offer withdrawn before acceptance, rejection, option agreement: giving minor consideration to keep offer open. Counter offer = rejection of initial offer exclusively for specified period. Tender: request for bids on a project. Must clearly indicate: people, price, property/service. Commitment to be bound by terms of offer. Unilateral contract: acceptance via performance of specific obligations. Post box rule: where mail is a reasonable form of acceptance, acceptance is effective when posted: doesn"t apply to fax or email. Exchange of benefits b/w both parties required to make contract binding. Must be specific, legal and have value. Gratuitous promise: one sided promise not binding/enforceable. Quantum meruit: consideration for services not required to be specific reasonable amount. Past consideration does not make current contracts binding. Changes in contract terms must be supported by additional consideration to be binding.