BUS 393 Lecture Notes - Estoppel, Contract, Post Box

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Robert Adamson

Document Summary

Contract: voluntary exchange of promises/commitments between parties legally enforceable in our courts: consensus: achieved through process of offer/acceptance. Result = shared commitment when both parties clearly understand obligations/responsibilities assuming: offer: tentative promise that contains terms of anticipated contract. Identification of parties in agreement, subject matter, price to be paid. Exemption clause: offeror restricts/limits his own liability in transaction. Invitations to treat/deal: pre-contract communications (don"t have to take form of advertising, provide info, create contractual obligations) End of offer: @ specified time, @ reasonable time (circumstantial, ends when . No legal obligations made with offer: conduct of offeree. Option agreement: situation here offer cannot be revoked and must remain open until expiration@certain time: acceptance: commitment by the offeree to terms of offer (total and unconditional) General rule: acceptance is effective when and where communicated. Unilateral contract: contract requiring actual performance of the contract as the method of acceptance: e. g. offering of reward lost dog reward.