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Lecture 10

Lecture 10.docx

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Department
Commerce
Course Code
COMM 300
Professor
Paul Lester

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Lecture 10  Can a pre-existing consideration be eligible to form a contract  If you see someone being attacked, if you’re a police officer, you have to step in no matter what, if someone offers to give you $100 to step in, you will not be entitles to getting that since you are already supposed to do that (no further consideration)  Consideration is necessary, but some situations that it is not o If you have a written contract of some sort or promise, the party makes a written gratuitous promise, signs it and puts a seal on it (mean I am intend to be bound by my promise, even if I don’t get anything in return) o When a person who enters a contract into debt, and then debtor asks for a lower payment , forgive a debt(if someone owed someone $7000 and asked to pay only $5000 and be done with it) it is a gratuitous act so you just have to trust them because they can change their mind anytime, but if you put that promise under seal you will be bound to it o Statute that deals with this kind of issue, doesn’t apply in Quebec (they follow civil law) o Gratuitous promise means they can revoke their acceptance and demand for the rest of the money, so you should make sure you get the deal in writing so they don’t ask you later for the rest of the money o All the provinces west of Quebec, act says that if you make part payment as if it was full payment, the moment the money is received, they cannot revoke their promise to take less than the full amount you owe them its not uncommon for people in business to come up short, they will not ask for this accommodation if it is trouble in the future, if they ask you for this and you agree, you cant revoke it (pg.175)  Part of the debt must be paid  Until that point the creditor can change their mind  Legal tender in province is cash, giving a cheque will not count until it is cleared Tendering  Normal tendering occurs when there is something big to be sold, a big business, building, procurement, etc.  Suppose govt. Of Ontario wants to replace the computer systems in a particular region  Competitive pricing is used to get best deal  Pg.153Contract A, first contract is about how the process will be carried out, offer by the Ontario government to hold a fair process, you don’t have to worry about whether or not you do all this work for nothing  When you submit your tender to the Ontario government, you promise that you will not revoke their offer until they have time to look at it  Their call for tenders is like an invitation for offers, in promise that process will be fair  Your consideration to them is that you will not revoke your tender, their consideration to you is that the promise will be fair (first contract)  Call for tender is then saying, here is the invitation to treat, make us an offer on these criteria  When you put in your bid, you are offering to do your w
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