Chapter 6.docx - Chapter 6 Formation of a Contract Contract A legally enforceable Bargain o Voluntary Bargain 3 basic requirements o Offer o Acceptance

Chapter 6.docx - Chapter 6 Formation of a Contract Contract...

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Chapter 6: Formation of a Contract Contract A legally enforceable Bargain o Voluntary Bargain 3 basic requirements o Offer o Acceptance o Consideration Consensus ad idem: meeting of the minds, basically both sides understand what is happening Offer Most contracts are oral contracts not written contracts o Better if its written contract Offer is a set of terms the offering party is willing to be bound by An indication of a willingness to enter into a contract on certain terms Must understand there is an offer Offeror – person making the Offer Offeree – Person receiving the Offer Must know there is an offer Offer vs. Invitation to Treat Invitation to Treat – an indication of a willingness to receive and Offer E.g. items on a store shelf; ad on Kijiji; listing of a house for sale Factors to consider Language used Audience communicated to Willingness to be bound by terms Question: Would a Reasonable Person believe that the person making the statement was prepared to enter into a Contract?
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  • Fall '13
  • Mallney

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