BLAW 3201 : Duplechain
Document Summary
4 elements of an offer: capacity (competent parties, legal subject matter, consideration, mutual assent, all are essential to a contract. Mutual assent: viewed as the core requirement, usually made through an offer and an acceptance. One party proposes an offer to another party who in turn, accepts the offer: the offer and acceptance can take the form of words or conduct. It is not concerned with what the party may have actually thought or meant. It is not necessary that the terms be absolutely specific, but only that the intent to contract is clear. Invitations to negotiate, advertisements, and auctions do not constitute an intentional offer, but merely invite another party to make an offer. If it does not, then the communication is a preliminary negotiation. These do not suggest an outright offer- Would you pay_____? or my best price is_____. My best quote would be ___ or the price i am asking is _____ .
