Management and Organizational Studies 2275A/B Chapter Notes - Chapter 6: Tender Offer, Estoppel, Future Shop

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Prof

Document Summary

Offer: promise to perform specified acts on certain terms. Certainty of offer: all essential terms must be set out or the contact will fail for uncertainty, does not have to meet the standard of perfect clarity and precision in how it is expressed. Invitation to treat: expression of willingness to do business: a flyer for future shop is not an offer but an itt. Often seen in sales and rental businesses: offeror: person who makes the offer, offeree: person whom an offer is made. Termination of offer offer can only be accepted if it still exists: revocation: withdrawal of an offer. Can revoke a firm offer despite promise to leave open. Non-revocable only if something was given in return for the commitment (deposit) Option agreement: in exchange for payment an. Offeror is obligated to keep an offer open for a specified period of time (above)