BUSI 3705U Chapter Notes - Chapter 6: Standard Form Contract, Rebuttable Presumption, Estoppel
Document Summary
Basic elements of contract: agreement: parties must be in agreement before contract, reach consensus. Agreement takes form of offer and acceptance. Invitation to treat: no legal consequences bc it depends on speaker"s intention, objective, do not specify terms, advertisements. Standard form contract: entered into without any negotiations: sales and rental businesses, not objectionable, ex; renting a car, borrowing money. Key factor in deciding if an offer has been made: if the purported offer is sufficiently comprehensive that it can be accepted without further elaboration or clarification. Offeror person who makes the offer. Offeree- person to whom the offer is made. Separate contract, purpose is to give the offeree a guaranteed period of time to deliberate. Withdrawing offer before option agreement permit = breach of. Common is real estate developments: tendering; when owners wish to secure competitive bids to build large.
