BU231 Lecture Notes - Lecture 8: Estoppel
Document Summary
Contracts are so fundamental to the functions of a business that they are often forgotten about in daily life. Contracts are to be expected to be carried out with threat of breach of contract held over them. Grocery store to drive sales: flyer advertising items on sale. Reduction on the price of a particular item. Grocery stores and other retail believe that once they can lure you onto the premises, there is a good chance that you will buy other products as you are there. These advertisements are not particularly contracts, but merely invitations for customers to take part. If it was an offer and too many accepted, it may be liable for breach of contract if it is not able to fulfill this offer. The acceptance of an offer leads to an agreement. An agreement becomes binding in law when it has two primary elements. Each party pays a price for the promise of the other.
