BUSAD 120 Lecture Notes - Lecture 9: Gijsbert Van Tienhoven, Mahabharata, Posting Rule
Document Summary
An agreement is a meeting of minds, and exists when two or more people share understanding and intention. Agreements can be formed through discussion or they can be deduced from conduct of the parties (constant negotiations and the negotiations end with a service being provided for a price this indicates agreemement). A person makes an offer when they express a willingness to immediately enter into a contract with the offeree, the person to whom the offer is directed. Revoked by the offeror. lapsed with time (ramsgate victoria hotel co ltd v montefiore) The offeror is entitled to revoke their offer even if they have promised to keep the offer open for a particular period . Unless the offeree has paid for the offeror"s promise to keep the offer open, for example by paying a deposit. Advertisement is usually not an offer but an invitation to treat (expression to consider the offer)
