A promise to enter a contract on specefic terms as soon as it’s accepted
Offer
Offeror
Person who offers
Offeree
Person whom an offer is made to
An expression of willingness to do business
Invitation to treat
What is the main difference between an offer and an invitation to treat?
ITT is just expressing willingness and has no legal consequences, therefore can’t be conisdered a legitimate offer.
What is reffered to as a “take it or leave it” contract
Standard form contract
An unqualified willingness to enter into a contrcat on the terms in the offer
Acceptance
The price paid for a promise
Consideration
A promise for which no cinsideration(Payment) is given
Gratuitous promise
A legal obligation previously and still owed
Pre-Exisiting legal duty
A dcotrine whereby someone who relies on a gratuitous promise may be able to enforce it.
Promissory estoppel
