ADMS 2610 Chapter Notes - Chapter 7: Consumer Protection, Canon Law, Undue Influence

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Rudi Lof

Document Summary

Offer: nature, communication of an offer, lapse and revocation. An agreement made between two or more persons that is enforceable at law. Freedom of contract, the general ability of the parties to create specific rights and duties. 17th century development of the bargain theory of contract. Elements of a valid contract: an intention to create a legal relationship, offer, acceptance, consideration, capacity to contract, legality. Requirements must be met for a contract to be enforceable by the courts. Consensus to subject and object of the contract. Essential element is a promise: party intended to be bound by promise made. Strangers intend to be bound by their promises. Family members and close friends do not intend to be bound in contracts. Both are presumptions that can be rebutted. Invite offers that seller may accept or reject. A tentative promise subject to a condition. An offer must be communicated to the other party to be accepted.