LAW 122 Chapter Notes - Chapter 7-8: Contract, Estoppel, Posting Rule
23 Nov 2017
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Chapter 7 the nature and creation of contracts. Contract: an agreement that contains legally enforceable rights and obligations (doesn"t always have to be written) It must be communicated, written, oral or conducted. *if any of these occur, offer can"t be accepted and doesn"t exist: revocation: withdraw by offeror (usually free to revoke whenever) Even a firm offer (offeror promises to hold an offer open for acceptance for a certain period) can be revoked at any time. Unenforceable unless it is under seal or offeror receives some value in return for a binding promise to keep the offer open for a specific period. Option: is a contract in which the offeror is paid in exchange for a binding promise to hold an offer open for acceptance for a specific period. Tender: is an offer to undertake a project on particular terms. Holding: no, it was gratuitous because there was no consideration. There are many financial and non-financial reasons.
