Management and Organizational Studies 2275A/B Chapter Notes - Chapter 6: Formal Language, Fax, Universal Rule

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

An agreement: the parties must be in agreement, that is, they have reached a consensus as to their rights and obligations. * definition of offer: an offer is a promise to enter into a contract, on specified terms, as soon as the offer is accepted. Certainty of offer: only a complete offer can form the basis of a contract. Invitation to treat: the latter form of communication is called an invitation to treat and has no legal consequences. A take it or leave it contract, where the customer agrees to standard set of terms that favors the other side. The person whom an offer is made is known as the offeree. Termination of offer: an offer can be accepted only if it is alive , meaning that it is available to be accepted. An offer that has been revoked does not exist anymore and therefore cannot be accepted.