COMM231 Lecture 7: Lecture 7
14 Apr 2016
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What is a contract: binding agreement between 2 or more paries, needs to be an exchange of value, terms need to be agreed upon before. Ex: grandma give and says pay back in 5 years free of interest. This is not contract since she"s not receiving any value. She can get money back under law of resituion. The value needs to be measured by law. What are the essenial elements of a contract: 1) ofer oferor: person making ofer. How does ofer come to an end: rejecion, revoked, counter-ofer, lapse/expire, if oferee wants ofer to be extended, you need to ofer something of value. Oferor can dictate how the ofer is made and how the ofer is accepted. ie. the method of how acceptance is delivered. If oferor mails oferee contract, and doesn"t specify how oferee should reply, and oferee signs it and puts it in mailbox, a contract is established.
