MLC101 Lecture Notes - Lecture 2: Marine Insurance, Ebay, Vagueness
Document Summary
Allocate risk of things changing during the life of the contract (where the contract is relational continuing) Contract: is an agreement between two or more parties under which legal rights and obligations are created which will be enforced, if necessary, in the courts. Intention > consideration > capacity > consent > legality > offer and acceptance. Offer = a proposal by one party that is communicated to another person to enter into an agreement. If the other person accepts a contract is made. May be made to one or more people. All major term s must be included. A(cid:374) (cid:858)invitation to treat" is just an indication of willingness to deal or trade and is not an offer. An offer is revoked when the offeror formally withdraws the offer, disabling it from being accepted. The offeror can give notice of the revocation of the offer at any time before acceptance. The revocation must be communicated to the offeree.
