BUSI 2601 Chapter Notes - Chapter 6: Apse, Estoppel
21 Jun 2016
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Basic elements of a contract: an agreement (i. e. , composed of offer and acceptance, complete (i. e. , certain, deliberate (i. e. , intention to create legal relations is present, supported by mutual consideration. Before a contract can be in place, the parties must be in agreement, that is, they have reached a consensus as to their rights and obligations. This agreement takes the form of offer and acceptance. Offer: a promise to perform specified acts on certain terms. Only a complete offer can form the basis of a contract. This means that all essential terms must be set out or the contract will fail for uncertainty. An offer can achieve the requisite standard of certainty even if it leaves certain matters to be decided in the future. Invitation to treat: an expression of willingness to do business. By classifying the advertisement as an invitation to treat, the law ensures that it is the customer who makes the offer to purchase the advertised goods.
