ACTG 1P71 Lecture Notes - Lecture 7: Labour Law, Kainai Nation, Estoppel
Document Summary
Invitation to treat: may look like an offer, but is not an offer: limited supply of goods being made available to a broad audience. Inviting others to give you an offer: capable of acceptance by more than one person, acceptance: offer is agreed upon (offeree) Invalid considerations: prior existing duty, past consideration (bargaining after the fact, case: fox vs. Illegal or impossible consideration is no consideration: paying less to satisfy a debt, common law states that an agreement to take less to satisfy a debt is not binding. People who have become insane, lack the capacity to reach a consensus: minors lack capacity. Infant/minor can ratify/void contract at age of majority: if a minor agrees to a contract, he is not bound by it. If, however, he ratifies the contract after becoming an adult, he loses the right to avoid the contract. If a contract is entered but unperformed, infant/minor can get out of contract.
