MCS 3040 Chapter Notes - Chapter 6: Fax, Standard Form Contract
Document Summary
Before a contract can be in place, the parties must be in agreement as to their rights and obligations. An agreement takes the form of an offer & acceptance. Offer: a promise to perform specified acts on certain terms. Only a complete offer can form the basis of a contract (a. k. a all essential terms have been set out) An offer doesn"t have to meet the standard of perfect clarity in how its expressed. If the parties intended to have contract, parties will endeavor to interpret the alleged offer as in as reasonable a fashion as possible. An offer can achieve the standard of certainty even if it leaves some matters to decide in future. Invitation to treat: an expression of willingness to do business. Is different from an offer in that it is of no legal relevance. To assist with clarifying if it is an offer or an invitation to treat, the common law has devised rules.