LAW 122 Study Guide - Midterm Guide: Risk Management, Objective Test, Posting Rule
13 Mar 2014
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Chapter 7: the nature and creation of contracts. Invitation to treat = willingness to receive an offer: offers v. invitations to treat, objective reasonable person test, statement placed in newspaper ad or catalogue presumed to be invitations. Revocation (pg 160: offeror generally free to revoke at any time, revocation must be communicated to offeree, firm offers, gratuitous promise to not revoke is unenforceable (dickinson v. dodds), it is enforceable and cannot be revoked if: Options: offeror receives some value, usually money, in return for a: another exception the tender process: binding promise to keep the offer open for a specific period, bidders prohibited from revoking offers. Where each party claims to have entered into a contract, each using their: may result in no contract having been reached own standard form. 164: acceptance = agreement to offeror"s terms, acceptance must be response to offer.
