Law 5110 Study Guide - Quiz Guide: Posting Rule, United Nations Convention On Contracts For The International Sale Of Goods, Meeting Of The Minds
Document Summary
A contract only exists if one party has made an offer and the other party has accepted this offer by way of an acceptance. The offer must be such that it creates a contract if accepted by the other party. The offer must indicate both the intention of the offeror to be bound and the terms by which the offeror is willing to be bound. If these requirements are met, there is no offer yet, but an invitation. Only if the invitee finds such an invitation attractive enough, it can decide to make an offer itself. The offer must also contain sufficiently definite terms. Any agreement that is therefore too vague or incomplete will therefore not be regarded a binding contract. Offers to the public: advertisements, websites and goods on display in shops an offer doesn"t have to be directed towards a specific person. It can also be addressed to the general audience.
