Consensus Flashcards
1
Q
what are the requirements for OFFER and ACCEPTANCE?
A
- offee must be made with INTENTION that OFFEROR will be LEGALLY BOUND by mere ACCEPTANCE of offeree
- offer must be COMPLETE. contain all terms. which offeror willing to abide by.
- offer must be CLEAR and CERTAIN
- offer must be addressed to PARTICULAR PERSON.
- offer and acceptance can be made in any manner.
- offer only complete once COMMUNICATED. ACCEPTANCE, only complete once communicated.
2
Q
How does an offer fall away?
A
- Expiary
- Revocation
- Rejection
- counter offer
- Death
3
Q
what are the special rules of O&A
A
ads are invitations to do business as well as: price stickers offers for reward option auction
4
Q
what is ‘Auction subject to reservation’?
A
Auctioneer extends INVITATION to people to mkae an OFFER.