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Lecture 2

ADMS 2610 Week 2 Jan 16th, 2014.docx

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York University
Administrative Studies
ADMS 2610
William Pomerantz

ADMS 2610 Lecture 2 Thursday, January 16, 2014 Week 2: Contracts 1. What is a contract? • Set of conditions and promises enforceable by law • 2. Are oral agreements legally enforceable in court? • Generally yes • Difficulty is in proving the existence and conditions of the contract 3. Parties in a contract a. Promisor b. Promisee c. Offeror d. Offeree e. Mortgagor f. Mortgagee 4. Components of a Contract a. Intention i. Rule: an intention of promisor MUST exist to be bound by promise  made ii. In general, courts PRESUME the intentions to enter contract exist  unless: 1. Parties are NOT at arm’s length (relatives, friends) 2. Advertisement (merely invitation to do business) a. What are the exceptions to the exceptions? i. If contract was entered into before a  lawyer b. Offer i. Clarity: Must be UNAMBIGUOUS 1 [Type text] [Type text] [Type text] ii. Timing: Must be communicated before the acceptance iii. Communication: only person to whom offer is made may accept  the offer c. Acceptance i. Acceptance by the offeree can only happen after the offer was  made by the offeror ii. Methods of acceptance 1. Verbal 2. Written a. By mail: when mail was placed by mailbox b. By fax/courier/e­mail: Acceptance at time received  (not actually read) 3. Actions (nod, handshake, etc) iii. Is silence a method of acceptance?  1. NO because offeror can intentionally impose an obligation  on the offeree to reject (unfair) 2. Exception is if there is already an existing contract in force   ▯renewals of life insurance contracts iv. Responses 1. Unconditional statement  ▯valid acceptance 2. Conditional statement  ▯counter­offer, nullifies original  offer 3. Mere inquiry  ▯offer in tact, but no contract 4. Rejection  ▯terminates offer, no contract v. Lapses 1. Reach time specified 2. Reasonable passage of time 3. Death or insanity 4. Bankruptcy vi. Revocation 2 ADMS 2610 Lecture 2 Thursday, January 16, 2014 1. Offeror may revoke offer at any time prior to acceptance  UNLESS  a. Contract specifies that offer must be open for a  period of time in return for payment  ▯OPTION  agreement (not applied against purchase price) b. Revocation not need to be communicated in special  way but must be brought to offeree’s attention  BEFORE acceptance c. Indirect notice of revocation possible d. Consideration i. There must be a promise for a promise  ii. Forms: money, property, 
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