Submitted by: Submitted by

Views: 200

Words: 302

Pages: 2

Category: Business and Industry

Date Submitted: 11/15/2012 12:35 PM

Report This Essay

Contract Law and Administration Review

Basics of Procurement Contracts - an agreement free from vitiating factors such as mistake or misrepresentation and constituted by the unconditional acceptance of an outstanding offer involving a reasonably precise set of terms between two or more contractually competent parties who intend to create mutual and reciprocal rights and duties that may be the subject of judicial sanction if they are expressed in any required form, are free from the taint of illegality or immorality and are not subsequently discharged by law, by agreement, by breach or by sufficient supervening circumstances.





Lesson One Objectives

How contracts are formed - OFFER+CONSIDERATION+ACCEPTANCE+CONTRACT. Offer - A clear communication that shows a party’s willingness to enter a contract on certain terms. - A mere ‘invitation to treat’ is not an offer. - Not an offer, unless it is simultaneously communicated with a willingness to be bound by the response of the offeror. - Ex. Price quotation, price list, advertising, marketing literature etc. are typically not offers. - Lapse, Delay and Revocation of Offers - Don’t assume that an offer which is not expressly time limited will last forever-- it must be accepted in a ‘reasonable time’. - If an offer is not accepted within an express time for acceptance made by an offeror it is said to ‘lapse’ , but an offeror can waive time limits to an offer. - If offer is not accepted, it remains open to revocation so long as revocation is communicated. - don’t act on the Offer, until you have accepted it because if it is revoked, you may not recover losses. Consideration - Something of ‘legal value’, exchanged between the parties. - Acceptance - A clear communication or conduct that shows a party’s willingness to accept offer on the offered terms....