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Contract Ch 1 - Coggle Diagram
Contract Ch 1
What is an offer?
'an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed'.
'expression' may take the form of a letter, newspaper, advertisement, email, texts and conduct but MUST communicate the basis on which the offeror is prepared to conduct.
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unilateral contracts- if you do X, Ill do Y.
auction - if there is a 'reserve price' it is a min. if there is no reserve price, can sue auctioneer for loss of expectation damages if they do not sell you asset and you are the highest bidder. loss of expectation damages= difference between bid and the value of the asset [what you would have to pay for asset elsewhere].
tenders- an ITT but each tender is an offer. Sometimes have a unilateral contract to CONSIDER all contracts
Acceptance
acceptance = as an unqualified expression of assent to the terms of an offer. so, must have 1. an expression of assent, 2. which is unqualified.
generally, acceptance must be communicated and must be communicated by the offeree or their authorised agent/
silence can be acceptance if when viewed objectively would be acceptance - however, generally, an offeror cannot bind other part to a contract by silence per se. conditional response cannot amount to acceptance and create a contract > that will be a counter-offer.
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