MCS 3040 Lecture Notes - Lecture 5: Estoppel, E-Commerce, Reasonable Time

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

Document Summary

One party makes a promise to enter into a contract on speciied terms (the. Ofer ), as soon as the ofer is accepted. Only a complete ofer can form the basis of a contract. Most adverisements and displays of goods in stores are invitaions to treat. Invitaion to treat is not an ofer and is only treated in law as an expression of willingness to do business. A take it or leave it contract. Customer agrees to a standard set of terms that favours the other side. The law expects people to take care of themselves. Criical to read and understand the contract before signing it. Offeror the person who makes an ofer. Offeree the person to whom an ofer is made. Lapse expiraion of an ofer ater a speciied or reasonable period. Rejecion the refusal to accept an ofer. Counterofer turning down an ofer and proposing a new one in its place.