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Western University
Management and Organizational Studies
Management and Organizational Studies 2275A/B

Business Law Chapter Notes 10/18/2013 1:08:00 PM - Offer: Promise to perform specified acts on certain terms  Certainty of Offer o All essential terms must be set out or the contact will fail for uncertainty o 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 o A flyer for Future Shop is not an offer but an ITT  Customer makes the offer to purchase the good o Displays in store are not an offer to sell, indication that the product shown is available for sale o Stand Form Contract: A contract where the customer agrees to a standard set of terms that favours the other side  Often seen in sales and rental businesses o Offeror: Person who makes the offer o Offeree: Person whom an offer is made  Termination of Offer – Offer can only be accepted if it still exists o 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)  If Offeror revoke the offer he has committed a breach of contract and the Offeree can sue  Can revoke a tender offer  Make a formal written offer to carry out work, supply goods etc.  Contract A (the tender), Contract B (payment to enter into contract) o Lapse: Expiration of an offer  Specific expiry date  No expiry date, reasonable time is considered o Rejection: Refusal to accept an offer  Offer is automatically terminated  Can only be accepted if a the Offeree presents a new offer  May never be renewed by other side o Counteroffer: Rejection of offer and proposal of new one  Any changes in terms of the offer regardless of if the same amount is being paid o Death or Insanity  Offer dies along with the Offeree or Offeror  Someone who accepts an offer then goes insane is not legally bound  Acceptance: Unqualified willingness to enter into a con
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