Management and Organizational Studies 2275A/B Study Guide - Midterm Guide: Fredericton International Airport, Estoppel, Contract

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Must prove these five components to legally enforce a contract. Must demonstrate an unqualified and complete willingness to enter into the contract on the exact same conditions of the offer. Acceptance must be communicated, and is effective when received and understood. If it requires a specific method of communicating an acceptance, the offeree must follow or else the acceptance will be ineffective. In a unilateral contract, only the offeror is bound. I. e. a company offer a reward to anyone who finds the missing laptop; if i find it and return it, then the contract is complete and the offeror must pay. Post box acceptance rule: acceptance is effective when mailed, rather when it is received. Even if letter is never delivered to offeror, a contract has been formed. If acceptance is mailed before revocation is received, then a contract exists. Electronic contracts must follow the same general rules as other contracts.