CHAPTER 6.docx

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Department
Marketing and Consumer Studies
Course
MCS 3040
Professor
Joseph Radocchia
Semester
Winter

Description
CHAPTER 6 - Forming Contractual Relationships 1. 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 Display of Goods (invitation to treat) Customer takes item to cash register (offer to purchase at sticker price) Clerk takes payment (acceptance of offer) Standard Form Contract - A ‘take it or leave it contract’ • Customer agrees to a standard set of terms which favors the other side • The law expects people to take care of themselves • Critical to read and understand the contract before signing it Offeror - The person who makes an offer Offeree - The person to whom an offer is made Termination of an Offer An offer may be terminated by: 1. Revocation – withdrawal of an offer • Option Agreement – the offeree pays the Offeror to keep the offer open for the specified time 2. Lapse – expiration of an offer after a specified period 3. Rejection – refusal to accept an offer 4. Counteroffer – turning down an offer and proposing a new one in its place 5. Death or Insanity 2. Acceptance - An unqualified willingness to enter into a contract on the terms in the offer Communication of acceptance 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 Electronic Business Contracts • governed by the same rules as all contracts • separate agreement between
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