ACTG 2P40 Lecture Notes - Lecture 3: Clean Hands, Estoppel, Standard Form Contract
7 Nov 2015
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Formation of contracts: elements of contract, an offer (definite, a definite acceptance, a consideration. 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. ***unilateral contracts (action is acceptance you have to do something to accept the contract. You cannot revoke once the action is completed) ***onerous terms favourable to one party, unfavourable by other: tickets (ex; hockey game, if injured they aren"t liable, standard form contract (ex; bank loan, home inspection -> no negotiation)
