Offer and acceptance Flashcards
1
Q
What is a contract?
A
An agreement made between two or more parties which is legally binding on them
2
Q
What are the fundamentals of a contract?
A
- Offer from one party
- Acceptance from another
3
Q
What is an offer?
A
- Statement of willingness to contract on certain terms made
- Intention that when accepted, a binding agreement will exist
- Willingness to be bound by an offer
4
Q
How can you make an offer?
A
- Orally
- In writing
- Implied by action
5
Q
whats an offer vs I2T
A
- Invitation to another person to make an offer to contract
- An I2T isn’t capable of being accepted by the other party
6
Q
Whats an I2T?
A
An indication that the other party is open to negotiation
7
Q
How can an offer be terminated?
A
- Lapse of time
- Rejection or counter offer
- Revocation
8
Q
What is acceptance?
A
A final unqualified expression of assent to all the terms of an offer
