1. Offer + Acceptance Flashcards
(18 cards)
Elements of a contract?
- Offer
- Acceptance
- Consideration
- Intention
- Capacity
Reserve price?
Minimum price which cannot accept offers below
What if reserve price not met?
Withdraw from sale
Ads are…
Invitiatin to treat
Ads for reward are…
Offer because intend to be bound on acceptance
Sold without reserve?
Auctioneer promise to sell to highest bidder
How is loss of expectation calculated?
Bid amount - price to find it elsewhere
Tender?
Invite to submit tender = invitation to treat
tender = offer
must consider all - implied promise
Acceptance must be
Communicated
Postal rule?
Acceptance letter is deemed delivered once posted
Postal rule conditions?
a. reasonable to use post
b. properly stamped, dated and addressed
c. not excluded
How can postal rule be excluded?
Must be notified in writing or ‘told’
Ways to terminate offer?
- Implied (counteroffer)
- Express
- Lapse of time
- Revoke
When can you revoke offer?
At any time until acceptance unless consideration given to keep offer open for x time
When is acceptance for unilateral contracts?
Upon performance but implied promise not to revoke if performance started in reasonabel time
When are revocation by emails deemed?
When it should have been read?
If you want to revoke a public offer?
Notice of revocation at same place as offer made
When can agreed terms be uncertain?
Preiovus course of dealings
