Chapter 5: formation of contracts
- A contract is a set of promises enforceable by law
- Consensus requires that an offer be accepted
- Creates rights and obligations between the parties
Offer is a tentative promise
Advertisement is not an offer, but an invitation.
Standard form contracts: 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.
Termination of an offer:
Lapse: the termination of an offer when the offeree fails to accept it within a
specified time, or within a reasonable time if no time specified.