FINA 2244 Lecture Notes - Lecture 10: Contract, Estoppel, Quasi-Contract
Document Summary
For there to be an the following requirements must be met: i. - manifestation of intent- there must be a clear intent by the offeror to become contractually bound. - definite terms and conditions- the basic terms of the offer must be clear and certain. - communication of the offer- the offer must be properly communicated. - by the parties- the offeror can terminate his or her offer prior to acceptance by revocation provided that the revocation is communicated to the offeree before acceptance. - by operation of law- this happens as the result of an intervening illegality. ii: acceptance- is the offeree"s expression of agreement to the terms of ii. iii. the offer. For an acceptance to be valid three criteria must be met: i. Unconditional- the offeree must accept an offer as presented by an offeror. Properly communicated- the acceptance must be properly communicated.
