Offer + Acceptance

• Offer

  A statement of the terms within the contract in which the offeror is showing willingness to be bound by
• Offer

  • An offer has not been made until it is communicated to the offeree
  • The offeree must know of the offer's existence
  • The offer must be made in definitive/absolute terms
  • Must be distinguished whether the offeror's statements amount to a valid offer or just an invitation to treat (ITT)
• Types of contracts

  • Bilateral (both parties contracted to do something)
  • Unilateral (only one party is contracted to perform)
• Invitation to treat (ITT)

  An indication of willingness to enter negotiations but not to make a leap
• Invitation to treat (ITT)

  • Advertisements
  • Goods in a window
  • Auctions
• Ending an offer

  • Revocation
  • Rejection
  • Lapse of time
  • Death
  • Acceptance
• Revocation

  • An offer can be revoked at any time before acceptance
  • The offeror must communicate the revocation to the offeree, if they don't the revocation has not occurred
  • Revocation can be communicated by a third party if they're reliable
• Rejection

  • If the offeree rejects, they cannot later accept
  • Offeree must communicate their rejection
  • Counter offer is a rejection
• Lapse of time

  • An offer has an expiring date, it will cease to exist after that time
  • Offers don't have an expiry date, they lapse after a reasonable time
• Death

  • If the offeree dies, the offer ends
  • If the offeror dies, acceptance can still take place until the offeree learns of the death