BU231 Study Guide - Standard Form Contract, Estoppel, Oral Contract
Document Summary
Def. contract: a promise, or a set of promises, that the law will enforce (legally binding law) 7 requirements for a contract: offer condition or a request. An offer is a tentative promise by one party to another, subject to a. An offer must be explicit and specific. accepted. Offer is intended to be binding on both parties as soon as it is. Standard form contract (sfc): an offer presented in a printed document or notice, the terms of which cannot be changed by the offeree, but must be accepted as-is or rejected. ---------the take it or leave it contract: highly efficient, fast and easy. ---------little room for negotiation over terms of the contract: inequality of bargaining power. *in retail context, advertisement and marketing material are not considered offers. They are considered to be invitation for consumers to come to the store and make an offer.
