ACTG 3000 Lecture 2: Business Law Exam
1 Dec 2017
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Document Summary
Law is a set of rules and principles guiding conduct in society. Law helps to protect persons and their property, facilitating interactions and providing mechanisms for dispute resolution. Broad application: scope, can be applied to other cases. A contract is made up of a set of promises that the law will enforce. A contract comes into existence when an offer is made by one party, and this offer is accepted by the other party. An offer is a tentative promise made by one party, called the offeror, to another, called the offeree, which is subject to a condition or which contains a request of the other party. The offeror promises to be bound by certain terms, provided the offeree accepts the offer. Once the offeree accepts the offer, a contract is created. Conditions for an effective offer (communicated, not vauge and written or oral) For an offer to be effective, the following conditions must be met:
