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Lecture 3

ACTG 2P40 Lecture 3: Lecture 3

4 Pages
98 Views
Winter 2013

Department
Accounting
Course Code
ACTG 2P40
Professor
Katharine Book
Lecture
3

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January 27, 2014
ACTG 2P40
Chapter 6 & 7
Formation of Contracts
Elements of contract
oAn offer (definite)
oA definite acceptance
oA consideration
Offer
Indication of one part that they are willing to enter in to a binding arrangement with the
other part and will be bound to perform as soon as expected
oOfferor – person making the offer
oOfferee – person receiving the offer
Offer vs. Invitations to Treat
Factors to consider
- Language used (words appropriate to a premise)
- Addressed to a particular person
- Definiteness of the proposal
Basic Rules that Apply to Offers
- Knowledge (offeree must know about the offer)
- Lapse (set time, reasonable time or offer dies or becomes insane)
- Revocation (takes offer off the table, only valid once both parties know about the
revocation, offer can be revoked up until acceptance, even if promised)
- Counter- offer (responds with different offer, takes original offer off the table)
***Mere Inquiry – inquire to change the offer (similar to counter offer, but different)
Acceptance
Words or conduct that consent to the terms of the offer in the manner prescribed. Need
to accept the offer only in the way it’s given
Rules that Apply to Acceptance

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Description
January 27, 2014 ACTG 2P40 Chapter 6 7 Formation of Contracts Elements of contract oAn offer (definite) oA definite acceptance oA consideration Offer Indication of one part that they are willing to enter in to a binding arrangement with the other part and will be bound to perform as soon as expected oOfferor person making the offer oOfferee person receiving the offer Offer vs. Invitations to Treat Factors to consider Language used (words appropriate to a premise) Addressed to a particular person Definiteness of the proposal Basic Rules that Apply to Offers Knowledge (offeree must know about the offer) Lapse (set time, reasonable time or offer dies or becomes insane) Revocation (takes offer off the table, only valid once both parties know about the revocation, offer can be revoked up until acceptance, even if promised) Counter offer (responds with different offer, takes original offer off the table) ***Mere Inquiry inquire to change the offer (similar to counter offer, but different) Acceptance Words or conduct that consent to the terms of the offer in the manner prescribed. Need to accept the offer only in the way its given Rules that Apply to Acceptance
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