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Law of Contract 1 (Offer (General rules (Oral/writing, Can be made to…
Law of Contract 1
Offer
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Invitation to Treat: offer-or making/asking of offer, offeree has the legal right to decline
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Termination of Offer
Revocation of offer: after acceptance, no longer can withdraw the offer
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Lapse of offer: Death of offeror/offeree, The specified period has passed, A reasonable period depends on the circumstances
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Consideration
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Rules
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Consideration must move from the promisee - only a party to a contract can sue (Privity of contract)
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Consideration must not be past- "Past consideration is no consideration", An act performed before the promise was given is past consideration