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Contract Law (Offer (Rules on offer (Made to a. A single person b. Group…
Contract Law
Offer
Rules on offer
Made to
a. A single person
b. Group of persons
c. World at large
Must be communicated to offeree before it can be accepted
Oral or in writing
Situations that are not an offer
Invitations to treat eg. display of goods (Fisher v Bell)
Supply of information eg. selling price (Harvey v Facey)
Declaration of intent eg. GSS sale
Termination of offers
Rejection of offer (counter-offer)
Lapse of offer
Revocation of offer
Intention to create legal relations
Must be shown that the parties intended the contract to be legally binding
Presumptions
Commercial and Business Agreements - Legally binding
Domestic and Social Agreements - No intention to be legally binding
Acceptance
Rules on acceptance
Acceptance must be absolute or unconditional
Acceptance must conform to the prescribed method
Oral, in writing or by conduct
Acceptance must be communicated
Exceptions
Acceptance by post (Household Fire Insurance Co v Grant)
When communication of acceptance has been waived (eg. World at large offer)
Consideration
Rules of consideration
Consideration must move from promisee to promisor (Price v Easton)
Consideration must be legal
Consideration must be adequate
Consideration must be real
Consideration must not be past