Week 2- LAWS1104

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Created by
Kerry

Cards (13)

  • Offer under Common Law
    A proposal made by one party (the offeror) to another party (the offeree) indicating a willingness to enter into a legally binding agreement on specific terms
  • Offer under Common Law
    • Must be clear, definite, and communicated to the offeree with the intention to create legal relations
  • Offers differ from
    • Mere Puff
    • Invitation to Treat
  • Mere Puff

    Statements made during negotiations that are not intended to be legally binding, such as statements of opinion, advertisements, or promotional slogans
  • Invitation to Treat

    Invitations to make offers or enter negotiations, such as goods displayed for sale, auction announcements, or requests for information
  • Acceptance of an Offer
    The unequivocal agreement by the offeree to the terms of the offer, creating a binding contract
  • Acceptance of an Offer

    • Must be communicated to the offeror, and it must mirror the terms of the offer
    • Can be communicated verbally, in writing, or through conduct, depending on the nature of the offer
  • Intention to Create Legal Relations

    For a contract to be legally enforceable, there must be an intention by the parties to create legal relations
  • Intention to Create Legal Relations
    • Depends on the circumstances surrounding the agreement, including the nature of the relationship, the language used in negotiations, and the presence of formalities
  • Consideration

    Something of value exchanged between parties to a contract, usually in the form of a promise, act, or forbearance
  • Consideration

    • Ensures that each party receives a benefit and suffers a detriment, forming the basis for the bargain
    • Must be sufficient (having some value) but need not be adequate (equal in value to what is received)
  • Situations when consideration may be insufficient to support a contract
    • Past Consideration
    • Illusory Consideration
    • Pre-existing Duty
  • Situations when consideration is sufficient to support a contract

    • Adequate Consideration
    • Part-Payment of a Debt
    • Performance of an Act