BTF1010 Lecture Notes - Lecture 2: Puffery, Contract, Halloween

• School: Monash University
• Department: Business - BTF
• Course: BTF1010
• Professor: Professor

Document Summary

Contracts have a number of functions, including: securing expectations, facilitating planning, establishing market value for goods and services, allocating risk, providing for dispute-resolution. Is there an offer? (cacl 3. 20 3. 310) An offer is a proposal by one party, that is communicated to another party, to enter into a legally binding agreement. If the other party accepts the offer a contract is made: only an offer is capable of being accepted. Do we have an offer: only an offer can be accepted, therefore we need to establish if the communication is an offer or: If we determine that the communication is not an offer, it cannot be accepted and therefore we have no agreement. Is the co(cid:373)(cid:373)u(cid:374)icatio(cid:374) a(cid:374) offer or (cid:858)(cid:373)ere puffery(cid:859)? (cid:894)cacl 3. 30(cid:895) Offer and acceptance: carlill v carbolic smoke ball (cacl 3. 40, a more recent e(cid:454)a(cid:373)ple of (cid:858)(cid:373)ere puffer(cid:455)(cid:859) (cacl 3. 60) -> leonard v pepsi co. Is the co(cid:373)(cid:373)u(cid:374)icatio(cid:374) a(cid:374) offer or a(cid:374) (cid:858)i(cid:374)vitatio(cid:374) to treat(cid:859)? (cid:894)cacl 3. 70 3. 115)