RSM225H1 Chapter Notes -Rescission, Non-Compete Clause, Fax
Document Summary
Contract requirements (all 4 must be met): o + a + c + i . Offer: one party ( offeror ) must offer (verbally, in writing, or by conduct) to make a contract ( c ) and specify all key terms. + acceptance: other party ( offeree ) must accept that offer, on those terms, without any changes. + consideration: the (accepted) offer must require each party to give something in return for what the other party must give (some exceptions see ch. + intention: outward conduct of each party must show serious intention to make c. Contract elements - offer: (1) terms of offer: Offer must include (or refer to, or provide formula for determining) all key terms to be valid. Exception: price: if price not addressed in offer: If past practice for setting price, law assumes parties will follow that practice. 9 contracts: formation (consideration and intention)) must pay reasonable price.
