Podcast
Questions and Answers
What must be true for an acceptance of an offer?
What must be true for an acceptance of an offer?
- It can be conditional.
- It can be communicated indirectly.
- It must involve a written document.
- It must be clearly communicated. (correct)
Which of the following forms can acceptance take?
Which of the following forms can acceptance take?
- Only verbal acceptance.
- Acceptance must be in writing.
- Silence can never be acceptance.
- Clicking a box can be considered acceptance. (correct)
What is a valid contract primarily characterized by?
What is a valid contract primarily characterized by?
- An agreement that can be enforced by law (correct)
- An informal promise between friends
- A contract that lacks mutual consent
- A verbal agreement without consideration
What type of acceptance is defined as a counter offer?
What type of acceptance is defined as a counter offer?
What are the two main components that constitute an Agreement legally?
What are the two main components that constitute an Agreement legally?
What typically causes an offer to lapse?
What typically causes an offer to lapse?
Which of the following best describes the term 'vitiating' in the context of contracts?
Which of the following best describes the term 'vitiating' in the context of contracts?
Under what condition can an offer generally be revoked?
Under what condition can an offer generally be revoked?
What does the term 'Consensus ad idem' refer to in contract law?
What does the term 'Consensus ad idem' refer to in contract law?
Which of the following is NOT a requirement for an Offer to be valid?
Which of the following is NOT a requirement for an Offer to be valid?
Which factor must be present for a contract to be considered valid?
Which factor must be present for a contract to be considered valid?
What must be established for an offer to be considered 'definite'?
What must be established for an offer to be considered 'definite'?
Which of the following best describes unconditional acceptance?
Which of the following best describes unconditional acceptance?
Which of the following statements best captures the essence of 'acting deliberately' in the formation of a contract?
Which of the following statements best captures the essence of 'acting deliberately' in the formation of a contract?
Who is allowed to accept an offer according to the General Rule?
Who is allowed to accept an offer according to the General Rule?
In which circumstance does an offer NOT lapse?
In which circumstance does an offer NOT lapse?
Which statement about offer acceptance is false?
Which statement about offer acceptance is false?
What is commonly considered a misconception about the intention to create a contract?
What is commonly considered a misconception about the intention to create a contract?
How can an offer be communicated?
How can an offer be communicated?
Which of these elements is NOT a categorization type of contracts mentioned?
Which of these elements is NOT a categorization type of contracts mentioned?
What does 'clear communication' of an offer entail?
What does 'clear communication' of an offer entail?
Which of the following statements best defines an Offer?
Which of the following statements best defines an Offer?
In terms of contract law, what is the role of mutual consideration?
In terms of contract law, what is the role of mutual consideration?
What does 'seriously intended' imply regarding an Offer?
What does 'seriously intended' imply regarding an Offer?
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Study Notes
Deliberate Agreement
- Acting deliberately requires intent, which is a presumption at law.
- Intent is difficult to prove.
- Not all promises are intended to be legally binding.
- Family members or advertisements are examples of promises not intended to be legally binding.
Intention to be Bound
- Parties must intend to be bound by their promises.
- The promisor must have the intention to create a legal relationship.
- This involves a 'meeting of the minds' on the terms and conditions of the contract.
Consensus ad idem
- Consensus ad idem is an agreement about the subject matter of a promise.
- Intent and clarity regarding the subject matter must be established.
What is an Agreement?
- An agreement is a shared understanding about a specific subject matter.
- It does not necessarily require two or more parties.
- Everyday agreements exist.
- Legal agreement is determined by the presence of an offer and acceptance.
What is an Offer?
- An offer is a proposal subject to a condition.
- It must be seriously intended, clearly communicated, and definite.
Clear Communication of an Offer
- An offer must be communicated by the offeror to the offeree before acceptance.
- Communication can be done through various methods: letter, fax, email, text message, or spoken word.
Definite Offer
- The offer must have clarity and agreement on the subject matter.
- Vague statements do not constitute offers.
Conditional Offer
- Offers should be conditional.
- Offers lead to contracts.
- Contract terms and conditions must be clearly defined for complete understanding.
Acceptance of an Offer
- Acceptance must be seriously intended, clearly communicated, definite, and unconditional.
- Acceptance can be communicated through various actions or words.
- Examples include: handshake, nod, verbal or written communication, action, silence, or clicking on a box.
Forms of Acceptance
- Acceptance must be communicated to the offeror according to the method specified or implied in the offer.
- Acceptance must be unconditional and comply with the offer's terms.
Conditional Acceptance
- Conditional acceptance is known as a counteroffer.
Lapse of an Offer
- Offers can lapse due to:
- Time: Specific date, reasonable time, or specified event.
- Change in circumstances: Walking away, hanging up, death.
- Response: "OK, but," "No thanks," or "I'll get back to you."
- Condition: "This offer is valid for..."
- Steel pricing volatility often makes offers time-dependent.
Revoking an Offer
- Offers can typically be revoked by communication prior to acceptance, unless:
- The offer is under seal.
- An option has been used.
- Revocation requires an action by the offeror and differs from a lapse.
Summary
- Offer + Unconditional Acceptance = Deliberate Agreement
- Agreement can lead to a contract.
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