MCS 3040 Chapter Notes - Chapter 6: Late Fee, Optio

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Agreement: before a contract can be in place, all parties must be in agreement meaning they have reached a consensus as to their rights and obligations. An offer can only be accepted if it is "alive" meaning only if it"s available to be accepted. Can take place at any time before acceptance simply by the offeror notifying the offeree of its withdrawal. Can work in terms of an expiry date. An offer is automatically terminated upon rejection by the offeree. This is risky because you run the risk of the same offer never being renewed by the other side. Form of rejection by producing a different amended offer in return. Generally, offers usually die when the offeror or offeree dies. Alternatively, if someone makes an offer and then. Alternatively, if someone makes an offer and then subsequently becomes insane, as a general rule they are no longer bound by their agreement.