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Formation of Contracts (What is a contract? (Ingredients for a binding…

- - - - Nothing that would make the contract void (e.g. mistake of fact, misrepresentation or duress
  - - - Some contracts must be written (e.g. regulated consumer credit agreements
    - - No written agreement required (e.g. exchange of promises (bilateral), promise and act (unilateral))
    - - Formal document signed and witnessed (e.g. for legal estate in land, leases over 3 years, enforceable gifts)
- - - - Offers can be terminated until they have been accepted
        
        An offer is only revoked when it is received by the offeree
      - Counter-offer - original offer automatically rejected
      - Cannot revoke unilateral contracts if the offeree has begun performing the associated actions
      - Offers can be terminated after a stated amount of time or after a reasonable time