COMM231 Chapter 5: Chapter 5.docx

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A contract is a set of promises enforceable by law. Consensus requires that an offer be accepted. Creates rights and obligations between the parties. 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. (no bargain) 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. Revocation: offeror may revoke offer anything before acceptance. By words or actions (usually positive words or conduct) Silence is not consent without a pre-existing agreement. Some offers may be accepted by offeree"s conduct if that was intended by offer (carlill v. carbolic smoke ball co. ) and not communicated to offeror. Unilateral contracts: acceptance is made by performing a specified act. (offer of promise for an act)

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