Textbook Note - Chapter 6.pdf

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Philip King
Semester
Fall

Description
Forming Contractual Relationships The Contract An Agreement: Parties must be in agreement before a contract can be put in place. The Agreement takes the form of Offer and Acceptance. Offer Definition of Offer: A promise to perform specified acts on certain terms. Certainty of Offer Only a complete offer can form the basis of a contract. Invitation to Treat: An expression of willingness to do business. Legal Analysis of the Retail Purchase Display Goods Invitation to Treat Customer takes item to Cash Register Offer to purchase at sticker price Clerk takes payment Acceptance of offer Standard form contract: A "take it or leave it" contract, where the customer agrees to a standard set of terms that favours the other side. Offeror: The person who makes an offer. Offeree: The person to whom an offer is made. Termination of Offer An offer can be accepted only if it is "alive." An offer can be terminated or "taken off the table" by any of the following events: Revocation Revoke: The withdrawal of an offer. May occur at any time prior to acceptance. Option Agreement: An agreement where, in exchange for payment, an offeror is obligated to keep an offer open for a specified time. Context of a Tendering Contract Tender offers: A group of offers All apart of Contract A: Guaranteeing their offer for a specified time. Contract B: The final contract between the chosen tender and Offeree. Lapse Lapse: The expiration of an offer after a specified or reasonable period. Two ways: May contain a date upon which it expires. If no expiry is provided, presumed to withstand for a "reasonable" period of time. Rejection Rejection: The refusal to accept an offer. May only be accepted if the offerer revives the offer by offering it anew. Thus the risk of rejecting an offer. Counteroffer Counteroffer: The rejection of one offer and proposal of a new
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