CEN 800 Lecture 5: Law-Chapter8

• School: Ryerson University
• Department: Common Engineering
• Course: CEN 800
• Professor: vincentchan

Document Summary

Law section chapter 8 offer and. Irrevocable offers: an offeree might want to be sure that an offer is not withdrawn by the offeror before the offeree can accept it, this is called an irrevocable offer. In any point in this period, the offer may be accepted, and a contract will be formed: contract consideration is necessary. This means that irrevocable offers are submitted under seal, for these offers to be binding. If a decision is not reached by the time this limit expires, the option agreement expires. Manner of communications: timing, acceptance an offer, law has developed general rules to specify when communications are effective, many different ways to communicate, mail could be used as a way to communicate. An acceptance is in effect when the mail is posted. In the meantime, the offeree has written that they accept, but hasn"t received this mail.