Management and Organizational Studies 2275A/B Study Guide - Standard Form Contract, Estoppel, E-Commerce

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

Document Summary

Offer promise to perform specified acts on certain terms, as soon as offer is accepted. Only a complete offer can form the basis of a contract. Can achieve standard of certainty even if it leaves some matters to be decided in the future. Invitation to treat expression of willingness to do business (not able to be accepted) Ex. products advertised are invitations to treat (or else they must be in stock) Standard form contract take it or leave it contract where customer agrees to a standard set of terms that favors the other side (ex. borrowing money from bank) Contract is formed only when a complete offer is unconditionally accepted + sufficiently comprehensive that it can be accepted without further clarification. Offeree person to whom an offer is made. Can withdraw offer anytime before acceptance by notifying offeree of withdrawal. Law allows offerors to revoke offers despite a promise to leave the offer open for a set period of time.