LAW 1310 Lecture Notes - Lecture 7: Option Contract, Contract
6 Mar 2018
School
Department
Course
Professor
Document Summary
Contract that is enforced in the court of law. A contract that was obtained by fraud. Starts out as a valid contract and it becomes void. It is the exchange if two or more promises with each side exchanging promises. Where one side makes a promise and the other side perform (execute) Three basic characteristics: offer + acceptance= contract. Offeror (active party- making the offer) or offeree (listening) Clear and definite offer and the real will to buy. Real offer has definition and real terms. An offer is not an advertisement and the advertisement is not an offer. Advertisement is an invitation for you to go to their store and make them an offer. The offeror is often referred to as the master of the offer. There are always in control for the most part. Option contract is an agreement to hold an offer for a long period of time.
