BU233 Lecture Notes - Lecture 11: Consumer Protection, Option Contract
Document Summary
Bu231 chapter 6 formation of a contract. Contract set of promises that the law will enforce, voluntary legal relationships. Not legal obligations forced upon everyone like tort or criminal liability. Parties choose to create a contract and this empowers them to create legal obligations that would otherwise not exist contract law sets the rules for how ordinary promises become legally binding promises. Four basic requirements of a contract: offer tentative promise made by one party, subject to a condition of containing a request to the other party. Offeror person making or laying out promises. Offeree person whom the offer is made. Advertisements are not offers as the seller must agree to sell the item at a set price. Some advertisements can be offers if they are clearly outlined (very rare: acceptance. Offers can be oral, written or neither (ex. raising a hand at an auction)
