BU231 Lecture Notes - Standard Form Contract, Positive Form, Wayne Gretzky
Document Summary
Chapter 5 formation of a contract, offer and acceptance. Focus on describing essential qualities of a contract, why it is enforceable in law, and how a contract is formed. Is there a contract: required elements are oaci: (o)ffer offers and counter offers go back and forth until acceptance (a)cceptance one simple thing yes (c)onsideration (i)ntention. Invitation to treat: a mere invitation to do business is not an offer to make a contract. For example, newspaper ads to sell goods are generally mere invitations for the public to visit your store, business" can"t be expected to sell goods to everyone who reads its advertisement, too difficult to predict demand. If the ad were taken to be an offer and too many people accepted it, the business would be liable for a breach of contract to all those who accepted and whom were not given the good. But, ads can be offers if there wording favours this interpretation: eg.
