ACTG 2P40 Lecture : day 3*.docx
Document Summary
Contracts: the importance of contracts, elements of a contract, a definite offer. Offer: indication of one party that he/she is willing to enter into a binding arrangement with the other party and will be bound to perform as soon as accepted. Factors to consider: language used: words appropriate to a promise, addressed to a particular person (*addressed to a group*, definiteness of the proposal. Have to know of offer at time of transaction . If not accepted in a reasonable period of time . Option: only time when you can"t revoke the offer (ie. when renting, option to renew within. Have to keep open for those 30 days) When you accept an offer, it has to be accepted as is. If you change any of the terms of that offer, it is a counter offer, not an offer. If a counter offer is made, the original offer is off the table unless it is renewed.
