MCS 3040 Lecture Notes - Lecture 4: Shrink Wrap, Reasonable Time, Condition Subsequent

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Mcs 3040 final notes: unit 04 chapter 6, 7. Legal ingredients of a contract: offer, acceptance, consideration, intention. Invitation to treat: most ads a(cid:374)d displa(cid:455)s of good i(cid:374) stores are (cid:862)i(cid:374)(cid:448)itatio(cid:374)s to treat(cid:863) Invitation to treat is not an offer and is only treated in law as an expression of willingness to do business. A (cid:862)take it or lea(cid:448)e it(cid:863) (cid:272)o(cid:374)tra(cid:272)t. Customer agrees to a standard set of terms that favours the other side. The law expects people to take care of themselves. Critical to read and understand the contract before signing. Offeror the person who makes an offer. Offeree the person to whom an offer is made. Lapse expiration of an offer after a specified or reasonable period. Rejection the refusal to accept an offer. Counteroffer turning down an offer and proposing a new one in its place. The offeror can revoke an offer at any time before acceptance upon notifying the offeree of the withdrawal.