BU231 Chapter Notes - Chapter 5: Fax, Contract, Standard Form Contract
Document Summary
Parties choose to make a contract and only then become legally obligated to comply with its terms. Contract a set of promises that the law will enforce. Offer a description of a promise one party is willing to make, subject to the agreement of the other party. Offeree the person to whom the offer is made. The form of an offer is not important as long as it is heard and understood. In most situations, an offeror communicates orally or in writing. Offers do not have to be in writing. Businesses that sell to the general public often present the terms of their offers in written documents handed to their customers, or they post notices containing terms on their business websites. Standard form contract- an offer presented in a printed document or notice, the terms of which cannot be changed by the offeree, but must be accepted as is or rejected.
