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BTF1010 Week 2 Lecture Notes - Coggle Diagram
BTF1010 Week 2 Lecture Notes
Intro to Contracts
Contract = Agreement between 2 or more parties under rights that are created which can be enforced in the courts.
They can be written, oral or combination of both.
Elements of a contract
1) Offer, acceptance, certainty = agreement
2) Intention to create contract
3) Consideration
4) Capacity
5) Formalities (if any)
6) Genuine Consent
7) Legality of Objects
Offer (setting out a deal)
1 party (offeror) communicated to other party (offeree) to enter into legally binding contract
What is not an offer?
Mere puff
Invitation to treat
Option
A promise, supported by consideration, to keep offer open for period of time.
Acceptance (saying yes to deal)
Rules of acceptance
Must be communicated
May be implied by conduct
The offeror cannot make the offeree's silence a method of acceptance
It must be unconditional
It must follow the conditions (if any) in the offer
Only a party to whom the offer was made can acccept
Acceptance can be revoked at any time prior to acceptance being communicated
Certainty (deal is clear enough to be enforceable)
Agreements must be certain to form basis of legally binding contract
Has to have essential terms