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

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

Document Summary

An agreement: before a contract can be in place, the parties must be in agreement, must have reached a consensus as to their rights and obligations. Offer: an offer is a promise to enter into a contract, on specified terms, as soon as the offer is accepted. Termination of offer: an offer can only be accepted if it is alive , meaning that it is available to be accepted. If the offer has been legally terminated, no contract can come into existence: an offer can be terminated by revocation, lapse, rejection, counteroffer or death/ insanity. In the context of a firm offer: agreement: an agreement where, in exchange for payment, the offeror is obligated to keep an offer open for a specified time. Is a separate contract that may or may not lead to the acceptance of the offer and a resulting agreement of purchase and sale.