business law

how is an offer made?

• an offer can be made orally, in writing or by conduct to a definite person/group of person and must be communicated to the offeree

• an offer can be made orally but not in writing

• an offer can m=be made orally or in writing and must be communicated to the offeror

how is an offer accepted?

• an offer can be accepted by saying yes to the conditions by placing a counter- condition

• an offer can be accepting saying yes

• the act of consenting to the conditions of of an offer can be expressed verbally or in writing

how is an offer made?

• an offer can be made orally, in writing or by conduct to a definite person/group of person and must be communicated to the offeree

• an offer can be made orally but not in writing

• an offer can m=be made orally or in writing and must be communicated to the offeror

what is the difference between an offer and an invitation to treat?

• an offer is legally binding and an invitation to treat is a bargain without a legal agreement

• an offer is legally binding while an ITT is not legally binding

• an offer is a legally binding agreement while an ITT is an invitation to bargain with out forming a binding agreement

Difference between a Bilateral/Unilateral Contracts

• a bilateral contract has two people while a unilateral has three people forming the contract

• unilateral contracts rely on two parties to form the contract while bilateral contracts require one party to negotiate form and agree upon the contract

• unilateral contract rely on one party to create a contract for a group of people, while bilateral contracts require at least 2 parties to negotiate, agree and act upon the promise

what is past consideration

• the pre-existing consideration between the offeree and offeror

• the pre-existing consideration between the promisee and promisor

• the pre-existing consideration between two parties which can be used to claim damages

consideration must be...

• sufficient

• sufficient and inadequate

• sufficient but not adequate

past consideration cannot be used to...

• claim chicken backs

• claim profit

• claim damges

meaning of consideration must be sufficient but not adequate

• sufficient meaning it must have some recognisable value

• it must have some form of recognisable value but adequate meaning it must be the same value as the other parties consideration

• it must have value but doesnt have to be adeqaute to the original parties value

which contracts must be evidence is writing