LAW 1101 Study Guide - Quiz Guide: Posting Rule, Option Contract
Document Summary
Agreement o a mutual understanding or meeting of two or more individuals regarding terms of a contract. There must be serious objective intention by the offeror. Made when in a rational state of mind. An expression of an opinion he"s not an offer, it does not show intention to enter into a binding contract. A statement of an intention to do something in the future also doesn"t count as an offer. A request or invitation to negotiate is not an offer. It only expresses willingness to discuss the possibility of entering into a contract advertisement, catalogues, price lists are treated as an invitation to negotiate and not as an offer or form of a contract. Agreement to agree to the material term of the contract at some future date are not considered binding contract: 2. The terms of the offer must be reasonably certain or definite so that the parties and the court can ascertain the term of the contract.
