mkt100 Lecture Notes - Lecture 6: Debt Settlement, Order Of Newfoundland And Labrador, Contract
Document Summary
Formation of contracts: consensus and consideration: a contract is a voluntary exchange of promises that is legally enforceable. Essential requirements are: consensus offer & acceptance, consideration - exchange of obligations what each is willing to pay, capacity parties must be legally capable of understanding and entering the contract (ie. Infants, drunk people: legality of purpose the object and consideration must be legal. E. g. your contract with bcit: a unilateral contract is binding on only one party - promise followed by an act. Expiry of a reasonable time reasonable time depends of circumstances. Death or insanity of the offeror ends the offer. Revocation offeror can revoke offer any time before acceptance. Rejection / counter-offer rejection kills the offer, counter offer kills offer and counters with new offer: acceptance must be unconditional, acceptance can be implied by conduct. If the offeree adds or changes any term it is only a counter-offer.
