contact law Flashcards
To have an agreement what two things must exist?
An offer and acceptance
What’s the mirror rule?
If the offer is exactly matched by the accepted then the courts will be satisfied there is an agreement between the two parties
Who are the two parties involved in contract?
Offeror and the offeree
who is the offeror?
Person making the offer
who is the offeree?
Person whom the offer is made
What is an offer (quote)?
‘A statement of willingness to enter into a contract on stated terms if they are accepted by the party or parties to whom they are addressed’
How can offers be done?
Orally, written or even by the offeror’s conduct. Must be DEFINITIVE in terms.
What are the two types of offers in contract?
Bilateral offer and unilateral offer
what is a bilateral offer?
Both offeror and offeree have to do something as they have an obligation. E.G. a phone contract
What is a unilateral offer?
An agreement to pay in exchange for performance, no obligation to perform an act. E.G. an advert offering a reward like a missing cat
What is an invitation to treat?
An opportunity/expression of willingness to enter into negotiations
Termination of offer includes?
Revocation, Lapse of time, Counter offer, Rejection and death
