Offer and Acceptance Flashcards
What must there be in a contract
An agreement
What does an agreement require
An offer and acceptance
Case to show an Offer with definite terms
Gibson v MCC
Outline the process
- Invitation to treat
- Offer
- Counter Offer
- Acceptance
What is an invitation to treat
Where there is a statement made indicating willingness to negotiate
What is a request for information
It is not an offer
Statement of price count as an offer?
Yes it counts as an offer
What are the two people in a negotiation called
Offeror and an Offeree
When can an offer be accepted
When it is open, when it ends it cannot be accepted
When can an offer end
- When it is revoked, or withdrawn, and it must be communicated by the offeror or a “reliable person”
- Lapse of time
- When the offeror dies, unless the offeree is unknowing of the death
What happens when there is a counter offer
A counter offer rejects the previous offer
How can a contract be accepted?
Usually in any format unless the offeror gives specifications otherwise
Postal rule?
Acceptance comes when the letter is posted
Electronic rule?
Postal rule doesn’t apply, acceptance is when read
