BTC1110 Study Guide - Midterm Guide: Puffery, Cash Register, Contract
8 Aug 2018
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Definition of a contract = an agreement between two or more parties under which legal rights and obligations are created which are enforced in the courts. The contract life cycle formation, performance, completion/termination. All elements must be satisfied, otherwise the agreement is not considered to be a contract and is not legally binding. Offer = clear indication from one party of a willingness to enter into a contract with another party without further negotiation. Acceptance = a clear statement or act that indicates that the other party accepts the terms of the contract. If it is unclear, the court considers whether a reasonable person looking objectively at what the parties have said and how they have acted would say that there was an agreement. Simple contracts = all contracts other than contracts under seal. They can be oral, written, both, or implied based on the conduct of the parties. Contracts under seal (formal contract) = a deed.
