LAWS1000 Chapter Notes - Chapter 3: Fide, Pepsico, New York State Route 248
Document Summary
The basis of all contracts is an agreement which usually consists of an identifiable offer and an identifiable acceptance. Even when an offer is not easily identifiable, there can see be a contract where it is clear that the parties intended to deal on and be bound by particular, clearly defined terms. The parties(cid:859) i(cid:374)te(cid:374)tio(cid:374) a(cid:374)d agree(cid:373)e(cid:374)t (cid:272)a(cid:374) (cid:271)e i(cid:373)plied (cid:271)(cid:455) their (cid:272)o(cid:374)du(cid:272)t a(cid:374)d (cid:374)o parti(cid:272)ular la(cid:374)guage must be used to make and accept an offer. An offer is a clear statement of the terms upon which an offeror is prepared to be contractually bound. It generally takes the form of a promise to do or to refrain from doing something, and usually upon condition that the offeree agrees to do or to refrain from doing something else. Whether an offer is express or implied, it is essential that it is promissory.
