MCS 3040 Chapter 6: Chapter 6
2 Mar 2018
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Document Summary
Legal ingredients of a contract: offer, acceptance, consideration, intention. The business law in practice scenario has been classroom-tested to provide a helpful context for analysing contractual constituents. Business law in practice narrative, along with the first two questions, provide a solid foundation for the first lecture. One party makes a promise to enter into a contract on specified terms (the. Offer ), as soon as the offer is accepted. Only a complete offer can form the basis of a contract. Most advertisements and displays of goods in stores are invitations to treat. Invitation to treat is not an offer and is only treated in law as an expression of willingness to do business. A take it or leave it contract. Customer agrees to a standard set of terms that favours the other side. The law expects people to take care of themselves. Critical to read and understand the contract before signing it. Offeror the person who makes an offer.
