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Offer and acceptance, what are five elements of legally binding contract,…
Offer and acceptance
offer vs invitation to treat
invitation to treat is a willingness to receive offers. But this is not legally binding
adds specific terms and is legally binding
key case Partridge v Crittenden [1968] 1 WLR 1204.
when will an offer take legal effect
in the moment of acceptance/agreement. there must be identical terms and conditions agreed by both parties.
what are five elements of legally binding contract
offer
accseptance
terms
consideration
intention to create legal relations
accsetance vs counter offer
accseptance has identical terms to the original offer. a counter offer has different terms and 'kills' the original offer
key case: Hyde v Wrench
when will an acceptance take legal effect
the moment it is received/ communicated by both parties.
under the postal rule it is as soon as it is posted.
auctions with reserve/ without reserve
with reserve is the idea that there is a minimum bid set by the auctioneer that they are willing for their product to be sold at. If this is not reached there will be no offer in place.
without reserve means that there is no minimum starting bid for the auction and the item can be sold at any price.