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Accounting (274)
ACTG 2P40 (47)
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Lecture

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Department
Accounting
Course
ACTG 2P40
Professor
Books
Semester
Fall

Description
Contracts 1 The Importance of Contracts2 Elements of a contract a A definite offerDefinitionsOffer indication of one party that heshe is willing to enter into a binding arrangement with the other party and will be bound to perform as soon as acceptedOfferor person making the offerOfferee recipient of the offerOffers vs Invitations to TreatFactors to consider i Language used words appropriate to a promise ii Addressed to a particular person addressed to a group iii Definiteness of the proposalBasic Rules that Apply to OffersKnowledge Have to know of offer at time of transactionLapse Can have a time limit If offeror dies or becomes insane If not accepted in a reasonable peri
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