Chapter 6 Formation of Contracts.pdf - Chapter 6 Formation...

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Contract: a legally binding set of promises between two or more parties. 4 Requirements of contract: Offer 1. Acceptance 2. Consideration 3. Intention to create legal relations 4. Nature of an offer: Offer: a description of a promise one party is willing to make Offeror: The party making the offer Offeree: The person to whom the offer is made Offer vs. Invitation to Treat Invitation to do business is not an offer and contact cannot be formed Invitation to treat: Offer to the public to begin the bargaining process Facts to consider: Language used - Is to for large group of people or individual person - Definiteness of proposal - Ads are not contracts! Similar to contracts but is considered a invitation not a contract - Why? Limited supply of goods - Cannot predict the number of viewers or readers - Written Offers: Chapter 6: Formation of Contracts Thursday, September 19, 2019 7:57 PM
Standard Form Contracts: Prepared in advance, including terms favorable to offeror that cannot be

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