BU231 Chapter Notes - Chapter 2: Uberrima Fides, Ultra Vires, Snail Mail
Document Summary
A legally binding agreement between 2 parties. Contract: a promise, or set of promises, that the law will enforce. Tentative promise made by one party, subject to a condition/containing a request to the other party. Must be definite and certain & communicated to the intended recipient. An expression of willingness to do something that is intended to be binding. Most common type of contract: standard form contract (sfc) If party accepts, you must agree to offer terms: take it or leave it offer, no room for negotiation over terms (pre-drafted, advantages, disadvantages. : inequality of bargaining power, little-no room to negotiate. Can"t accept something you don"t know about, or an offer that doesn"t exist so offer must be communicated to the person and acceptance must be communicated back (by word or conduct) Revocation: offerer can revoke the offer anytime up to the acceptance.
