Understanding Contracts: Offer, Acceptance, Consideration, and More, Slides of Contract Law

Download Understanding Contracts: Offer, Acceptance, Consideration, and More and more Slides Contract Law in PDF only on Docsity! Chap 2. CONFLICT IN THE MARKET PLACE THE LAW OF CONTRACT Has been developed over the years from decisions of judges to regulate how businesses should be done. It helps to reduce conflict and ensures that business transactions are conducted in a formal manner. Docsity.com Elements of a legally binding agreement 1. OFFER – The formation of a contract involves one party making an offer to another party. An offer can be made orally, in writing, by action. It must be clear, complete and it must be communicated to the person to whom the offer is being made. • Offerer – person making the offer • Offeree – person receiving the offer • An offer can be terminated in the following ways: – if it is rejected by the offeree – withdrawn at any time by the offerer before acceptance – if the time for acceptance has expired 2. ACCEPTANCE - When the offer is accepted it is binding on all parties. The offer must be accepted with all its conditions. Sometimes an offer may be accepted subject to conditions. This is called a conditional acceptance. Docsity.com