BUS 233 Lecture Notes - Consumer Protection, Quantum Meruit, Estoppel

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Contract: voluntary exchange of promises/commitments enforceable in courts, contract law mostly developed in courts, some statutory modifications, consumer protection & sale of goods legislation. Consensus: process of offer & acceptance, parties come to common understanding, terms must be clear & unambiguous, offeror makes offer to offeree accepts offer, resulting consensus, meeting of minds creates biding contract. Offer: tentative promise that contains terms of anticipated contract. If communicated: rejection, counter-offer, acts as rejection, option agreement, keeps offer open for specified time. Void/voidable contracts: void, never was contract, both parties free from obligations, voidable, one party has right to escape contract, rescission, contract valid until done. Infants: voidable contract, under age of majority, contract binding on adult not infant, exceptions in many provinces for necessities & beneficial contracts of service, not in bc. Infant is bound if ratifies contract (writing/implication) after becoming adult.

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