BLBU 2234 Chapter Notes - Chapter 10: Estoppel, Contract
11 Feb 2019
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One party makes a proposal (offer) by words/conduct to the other party, who agrees by words/conduct to proposal (acceptance) Contract exists if both parties have acted in manner that indicated recognition by each of them of the existence of a contract. Offer: definite proposal/undertaking made by one person to another that manifests willingness to enter into a bargain. May be a promise for an act. May be in the form of an act for a promise. Offeree cannot agree to something of which he has no knowledge. Communication must also be made or authorized by offeror: intent. Intent determined objectively from words/conduct of parties: based on what a reasonable person in the other party"s position would have believed. Preliminary negotiations: parties either request of supply the terms of offer than many or may not be given. Intent must be made clear not just a willingness to enter. Auction sales: not an offer to sell but an invite to buy.
