BADM 300 Notes week 9 - CONTRACT 1 Starts with an offer will you mow my lawn for $15 2 Offer A A manifestation of a willingness to enter into a bargain

BADM 300 Notes week 9 - CONTRACT 1 Starts with an offer...

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CONTRACT 1. Starts with an offer – “will you mow my lawn for $15?” 2. Offer A. A manifestation of a willingness to enter into a bargain B. Assent (acceptance) is invited, and will conclude it (it’s a deal if they accept it) C. An offer ENDS when… C.i. Acceptance C.ii. Revocation C.iii. Counter-Offer C.iv. Rejection C.v. Conduct Unbecoming of an Offer 3. Acceptance A. Mirror Rule – Acceptance has to reflect the offer (has to look exactly the same) A.i. If it is not exactly the same, it is a COUNTEROFFER A.ii. Then the other person has to accept 4. Detrimental Reliance A. When you rely on someone to your detriment B. It will become an issue of fairness (estoppel) B.i. E.g. party, one person says they will get kegs, one will get people to come to party. Guy gets kegs, other doesn’t get people. The one who bought kegs detrimentally relied on the other and got hurt. 5. Tying Contract A. In order to get A, you have to buy B (and a & B are produced by the same company) A.i.

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