MCS 3040 Chapter Notes - Chapter 6: Cash Register, Fax, E-Commerce
12 Apr 2014
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Chapter 6 - forming contractual relationships: offer it is a promise to perform specified acts on certain terms, as soon as the offer is accepted. Only a complete offer can form the basis of a contract. Invitation to treat - an expression of willingness to do business. Customer takes item to cash register (offer to purchase at sticker price) Offeror - the person who makes an offer. Offeree - the person to whom an offer is made. If a method of acceptance is specified then this method is mandatory for example, personally, in writing, or by fax, email, or telephone, or by conduct. Gratuitous promise a promise unsupported by consideration. Promise under seal - once a seal is affixed it is evidence of serious intent and acknowledgement that the contract is enforceable. Promissory estoppel - prevents one party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise.
