BU231 Chapter Notes - Chapter 6: Standard Form Contract, Costco
Document Summary
Chapter 6 formation of a contract: offer and acceptance. This is basically when a promise is set out by one party and the other party accepts: however, not every promise is a contract, a contract must have offer, acceptance, consideration, and intention. They would need to send another letter to accept. Businesses usually use a standard form contract it"s made before hand and usually favours the offeror because the offeree is in a take it or leave it scenario. Think about booking a hotel room or something, you can"t really negotiate the terms they are just set out. Lapse of an offer means the offeree failed to accept it in time (a reasonable time) or if one of the parties dies or becomes insane. When a contract has lapsed, it becomes void and can no longer be accepted. Revocation the offeror can revoke his offer at any point up until acceptance.
