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Lecture

Formation of a Contract: Offer and Acceptance - Chapter 5

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Department
Accounting
Course
ACTG 2P40
Professor
P.Maloney
Semester
Fall

Description
Formation of a Contract Offer and AcceptanceChapter 5 1 What is a contract y promise or set of promises that the Court will enforce 2 The Importance of contracts 3 Elements of the Formation of a Contract y a definite offer y a definite acceptance y consideration next week Offer 1 Definitions y indication of one party that heshe is willing to enter into a binding arrangement with the other party and will be bound to perform once accepted i contract is created when the offer is accepted o offeror person making the offer o offeree recipient of the offer 2 Offers vs Invitations to Treat y invitation to treat offer to the public to begin the bargaining process i factors to con
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