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The Law of Contract (Creating a valid contract (Offer and acceptance…

- - - - Give rise to a claim if they cause detriment to the person seeking ton rely on them
  - - - Know as 'last shot' terms
      - If there are toe companies entering a contract and they each want their standard terms to be used
        
        Terms of the last reply will be terms of the contract if they go unchallenged.
  - - - Otherwise there will be no aggreeement
    - - Certainty is required
      - Once an offer has been countered
        
        Original offer now ended
        
        Offer cannot be reinstated - has to be re offered
    - - Confused with the concept of offer
        
        Often displayed in retail outlets
      - 'On offer' in a shop - in fact on 'invitation to treat'
        
        Purchaser is the one who makes the offer
    - - Conduct
        
        Acceptance must be of the whole offer or it will deemed a counter offer.
        
        Agreement is key
        
        Acceptance can be inferred from conduct
      - Silence
        
        Cannot generally constitute an acceptance
        
        Ensures the protection of vulnerable people
      - Communication of Acceptance
        
        The postal rule
        
        Many media in which to conduct
        
        Certain rules have evolved surrounding the different media
        
        Certain when a contract is complete and an offer and acceptance
        
        Acceptance occurs as soon as the letter of acceptance is posted
        
        Letter to withdraw must reached the offeree to be effective
  - - - Mental Incapacity
        
        Law of Property
        
        Minor can enter into a contract if it is necessary
        
        Some contracts that a minor cannot enter because of age
- - - - On the terms they choose
    - - Result would be unfairness e.g. consumer and retailer
  - - - Access to a remedy (if the contract is breached)
- - - - Altering the terms
        
        Needs to be fresh consideration
        
        There are times when the law allows for alterations to the terms
        
        Without the need for fresh consideration
        
        Flexibility is an important aspect of the business contract
    - - Consideration must either be present at the time of the contract or st some point in the future
      - Consideration cannot be prior to an agreement
      - Past consideration is usually not good consideration
      - Consideration must come from the person making the contract
      - Consideration need only be nominal - doesn't represent the market value of the item of service being sold
      - Consideration is inadequate if u were already under a duty to do something
        
        Duty means your actions cannot constitute consideration