Please enable JavaScript.
Coggle requires JavaScript to display documents.
Formative Requirements of Contract (Acceptance (Acceptance of the offer,…
Formative Requirements of Contract
Offer
The offer
The communication of an offer
Considerations
Consideration
Definition
a valuable consideration may consist either in some right, interest, profit or benefit accruing to the one party,
or
some forbearance, detriment, loss of responsibility given, suffered or undertaken by the other
The consideration requires the mutuality in the agreement
The principle of promissory exchange
Sufficient but need not be adequate
Sufficient consideration is something legally capable of constituting consideration
Promissory estoppel
Acceptance
Acceptance of the offer
Communication of the acceptance
Exceptions to the need for communication of the acceptance
Method of acceptance
The end of an unaccepted offer
Intention, Certainty, Completeness
The intention to create legal relations
Certainty of terms and vagueness
A complete agreement