Week 7 Flashcards
Offer and Acceptance
1
Q
What is required for an agreement to exist?
A
Offer and acceptance of that offer
2
Q
what is an offer?
A
A statement intended from a reasonable and objective viewpoint.
3
Q
When does an offer become effective?
A
once it has been communicated
4
Q
what is an invitation to treat?
A
an expression of willingness to negotiation, that does not intend to be bound e.g. display in shop window
5
Q
What is puffery?
A
A far-fetched offer that no reasonable person would believe; made to draw attention
6
Q
What is a tender
A
A bid in writing offering a price for the sale/purchase of goods/services
7
Q
Are tenders considered invitations to treat?
A
Yes
8
Q
When can an offer be terminated?
A
Anytime before it is accepted
9
Q
How is revocation made possible?
A
Through the same channel as the offer was made
