BUSINESS LAW

Business Law

Business Law

For a valid contract to exist there must be offer and acceptance. An offer is a statement of willingness to be bound by the terms of the offer. Kenny's letter construed as an offer to sell car for $50,000. Acceptance is final and unqualified assent to terms proposed by offeror and must be mirror image of the offer. Elaine writes back and offers to pay $40,000. This is not the mirror image of the offer and thus no acceptance from Elaine. In addition there must be an intention from both parties to create legal relations in a contract. ...