BU231 Lecture Notes - Lecture 4: Contract, Snail Mail, Paper Clip
Document Summary
Contract law: definition of a contract, a promise, or set of promises, that the law will enforce, legally binding. Formation of a contract: how do you know when you have a legal contract, 7 elements are necessary for the formation of a contract, offer, acceptance, consideration. It is intended to be binding on both of the parties as soon as it is accepted: the "take it or leave it" offer, no room for negotiation over terms of contract. Standard form contract: advantages, highly efficient, fast, easy, disadvantages: Counter-offer: amending the contract in order to "accept" the contract does not equal acceptance, this amounts to a rejection of the offer and a counter offer, once offer is rejected, it is dead. Final unqualified consent to the terms of the offer: must be communicated to the offeror by word or by contract, unilateral contracts, one-sided. "offers to the world: unusual i. e. lost dog.
