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Business Law: M Ba-P DR - Azhar Hassan S PR in G 2 01 7
Business Law: M Ba-P DR - Azhar Hassan S PR in G 2 01 7
Business Law: M Ba-P DR - Azhar Hassan S PR in G 2 01 7
M B A- P
D R. A Z H A R H A S S A N
SPRING 2017
Consideration
That which is actually given or accepted in return for a promise.
Some right , interest, profit or benefit accruing to one party , or
some forbearance , detriment , loss or responsibility given , suffered
or undertaken by the other.
Consideration is executed when the act consisting of the
consideration is performed ; it is said to be executory when it is in
the form of promises to be performed at a future date.
Consideration is required for the formation of all simple contracts.
Consideration
Voidable
Capable of being voidable i.e, set aside.
A voidable contract has legal effect until avoided at the option of one of the parties
(e.g, where the contract has been induced by misrepreseantaion)
Invitation to Treat
An offer to receive an offer.
According to the ordinary law of contract the display of an article
with a price on it in the shop window is merely an invitation to treat.
It is in no sense an offer for sale; the acceptance of which constitutes
a contract.
Acceptance
Acceptance of an offer to create a contract (i.e, an assent to all the
terms of an offer) must be unqualified , and maybe by words or
conduct.
It must generally be communicated to the offeror and must conform
with the prescribed or indicated terms of the offer.
Conditional Contract
An agreement , the operations of which is dependent on the
occurrence of an uncertain event.