MER102 at University Of The Western Cape | Flashcards & Summaries

Lernmaterialien für MER102 an der University of the Western Cape

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TESTE DEIN WISSEN
What is a Reception theory? 
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TESTE DEIN WISSEN
Acceptance by email and fax
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TESTE DEIN WISSEN
What is an offer?
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TESTE DEIN WISSEN
  • An offer is made by the offeror and is a statement stating the terms on which the offeror is willing to do business. 
  • The offeror will he bound to the contract if it is accepted by the offeree
  • Offer must be communicated to offeree.
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TESTE DEIN WISSEN
What are the 6 requirements for a contract? 
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TESTE DEIN WISSEN
1. The parties must reach agreement (consensus). 
2. The parties must have contractual capacity. 
3. If there are any formalities such as writing and signature, they must be complied with. 
4. The terms must be certain. 
5. The performance must be possible. 
6. The contract must be legal. 

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TESTE DEIN WISSEN
What is not considered an offer?
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TESTE DEIN WISSEN
  • Pamphlets 
  • Price list 
  • Advertisements
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TESTE DEIN WISSEN
What are the observations on consensus?
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TESTE DEIN WISSEN
1. Serious intention to contract 
2. Offer 
3. Acceptance
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TESTE DEIN WISSEN
What offer ends because... 
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TESTE DEIN WISSEN
  • When there is a rejection by the offeree. 
  • On death of either the offeror or offeree. 
  • When the set deadline expires 
  • After a reasonable time. 
  • Counteroffer
  • Revocation (withdrawal - change of mind) 
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TESTE DEIN WISSEN
What is serious intention to contact?
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TESTE DEIN WISSEN
  • Parties must intend that the agreement they they reach us binding and can be enforced. 
  • When negotiations break down, some terms have been agreed upon but not all the terms have been finalised.
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TESTE DEIN WISSEN
How do parties reach consensus?
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TESTE DEIN WISSEN
  • Negotiate: face-to-face or using letters, faxes, emails or the telephone. 
  • Aim of negotiating is that an offer is made, which offer is accepted. 
  • Therefore, th parties have reached consensus and there is a valid contract.
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TESTE DEIN WISSEN
What is 'duty to speak'?
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TESTE DEIN WISSEN
This duty can arise from a business relationship built on repeated previous dealings. 
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TESTE DEIN WISSEN
What is an acceptance contract? 
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TESTE DEIN WISSEN
  • It indicates that the offeree is bound to terms of the offer.
  • Acceptance must be unconditional 
  • Must determine the place and time of conclusion : by post, phone, fax or email. 
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TESTE DEIN WISSEN
What is a "right of first refusal"? 
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TESTE DEIN WISSEN
Contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.
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TESTE DEIN WISSEN
What is an option? 
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TESTE DEIN WISSEN
  • Is an additional feature of a contract. 
  • It's an agreement (contract). 
  • The are two offers : main and additional
  • Additional offer plus acceptance = OPTION CONTRACT. 
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Q:
What is a Reception theory? 
A:
Acceptance by email and fax
Q:
What is an offer?
A:
  • An offer is made by the offeror and is a statement stating the terms on which the offeror is willing to do business. 
  • The offeror will he bound to the contract if it is accepted by the offeree
  • Offer must be communicated to offeree.
Q:
What are the 6 requirements for a contract? 
A:
1. The parties must reach agreement (consensus). 
2. The parties must have contractual capacity. 
3. If there are any formalities such as writing and signature, they must be complied with. 
4. The terms must be certain. 
5. The performance must be possible. 
6. The contract must be legal. 

Q:
What is not considered an offer?
A:
  • Pamphlets 
  • Price list 
  • Advertisements
Q:
What are the observations on consensus?
A:
1. Serious intention to contract 
2. Offer 
3. Acceptance
Mehr Karteikarten anzeigen
Q:
What offer ends because... 
A:
  • When there is a rejection by the offeree. 
  • On death of either the offeror or offeree. 
  • When the set deadline expires 
  • After a reasonable time. 
  • Counteroffer
  • Revocation (withdrawal - change of mind) 
Q:
What is serious intention to contact?
A:
  • Parties must intend that the agreement they they reach us binding and can be enforced. 
  • When negotiations break down, some terms have been agreed upon but not all the terms have been finalised.
Q:
How do parties reach consensus?
A:
  • Negotiate: face-to-face or using letters, faxes, emails or the telephone. 
  • Aim of negotiating is that an offer is made, which offer is accepted. 
  • Therefore, th parties have reached consensus and there is a valid contract.
Q:
What is 'duty to speak'?
A:
This duty can arise from a business relationship built on repeated previous dealings. 
Q:
What is an acceptance contract? 
A:
  • It indicates that the offeree is bound to terms of the offer.
  • Acceptance must be unconditional 
  • Must determine the place and time of conclusion : by post, phone, fax or email. 
Q:
What is a "right of first refusal"? 
A:
Contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.
Q:
What is an option? 
A:
  • Is an additional feature of a contract. 
  • It's an agreement (contract). 
  • The are two offers : main and additional
  • Additional offer plus acceptance = OPTION CONTRACT. 
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