Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
Ingredients of an offer |
1) Clear display of contractual intent 2) On terms that are fixed 3) Terms that are certain 4) Intention to be legally binding |
|
Invitation to treat |
Usually lacks clear and precise terms. With clear and precise terms there are issues with picking and choosing customers and multi-acceptance |
|
Presumptions of ITT |
Display of goods Advertisements Auctions Tenders |
|
Offer + acceptance = |
Agreement |
|
Not acceptance Destroys original offer |
Counter-offers |
|
Not acceptance Does not destroy original offer |
Request for information SIlence (exceptions are unilateral contracts and acceptance by post) |
|
Statement of minimum price |
= not an offer, cannot be accepted. |
|
Battle of the forms |
Last shot prevails |
|
Methods of acceptance |
Postal rule - Effective once posted, only applies to acceptances Prescribed method of acceptance Instantaneous methods of communication Performance |
|
Postal Rule - requirements |
1) Reasonable to post 2) Posted/addressed properly 3) Applies to Royal mail only 4) It does not produce an absurdity |
|
Instantaneous methods |
3 things to consider 1) The offeree realises his acceptance has not got through - no contract 2) He reasonably believes his acceptance has been received when it has not - no contract 3) He reasonably believes that his acceptance has been received and it is the fault of the offeror that it has not |
|
Fault of the offeror |
The acceptance will be received when it is reasonable to expect it to be received. |
|
Unilateral contracts |
Acceptance through performance May be revoked by same method it was advertised Implied obligation not to revoke once performance has begun |
|
Revocation |
Any point before acceptance takes place Must be communicated otherwise will be revoked by lapse of time, death. Objectively reliable 3rd party may revoke an offer |