Management and Organizational Studies 2275A/B Chapter Notes - Chapter 6: Standard Form Contract, Fax, Estoppel

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Before a contract can be in place, the parties must be in agreement reach a consensus as to their rights and obligations (offer and acceptance) No legal consequences: 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. The offeror can revoke his offer any time before acceptance simply by notifying the oferee. An offer that has been revoked does not exist anymore and therefore cannot be accepted. Revocation in the context of a firm offer: the law permits offerors to revoke their offers despite a promise to leave the offer open for a set period of time (called a firm offer) Lapse: the expiration of an offer after a specified or reasonable period. Two ways: may contain a date upon which it expires or it will remain open for a reasonable period of time. Rejection: the refusal to accept an offer.

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