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

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

Document Summary

Offer a promise to perform specified acts on certain terms. Invitation to treat an expression of willingness to do business: whether a communication is an offer or invitation to treat depends on the speaker"s intention, objectively assessed. The customer offers to purchase the advertised goods. The owner is then in a position to simply refuse the offer if the product is no longer in supply: the display of a product in the store is not an offer by the store to sell. The display is simply an invitation to treat and, by definition, is not capable of being accepted. 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. Examples include renting a car and borrowing money from a bank: a contract is formed only when a complete offer is unconditionally accepted by the other side.