MGT 3010 Lecture : September 17.docx
Document Summary
Introduction: two or more willing parties, legal obligation to fulfill promises, once agreed upon if you do not follow it you can be sued, offer, with a number of promises, acceptance, can not be forced, must be communicated. How an offer is made: offer, acceptance, consideration, written or oral, implied contracts by law, must be aware of offer before you can accept. Offer open for acceptance: until accepted, lapse, specific time, reasonable time, time is of the essence, revocation, must be communicated, option. Acceptance: conditional acceptance, can not be accepted upon the condition of something happening, that is not acceptance, but a counter offer, silence as a form of acceptance, communication, binding once it reaches the offeror. Anything they benefit from but are not being exploited: employment contract, apprentice program, minor borrow from an adult, only contract not torts, what happens when they attain age of majority.
