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Who makes an offer in the context of contract formation?
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The offeror
What must both parties show to demonstrate intention to create legal relations?
An intention to be legally bound by the contract terms
What are the essential elements of a valid contract?
Offer, Acceptance, Intention to Create Legal Relations, Consideration
What happens if one party does not intend to be legally bound by the contract terms?
There is no contract because intention to create legal relations is missing.
What constitutes acceptance of an offer?
Unqualified and unconditional agreement to all terms in the offer
Does a counter-offer constitute acceptance?
No, a counter-offer does not constitute acceptance.
What does an offer indicate in terms of legal intention?
An intention to be legally bound by the terms.
Give an example of consideration in a contract.
Payment for a car and the car itself.
Can email negotiations lead to contract formation?
Yes, email negotiations can accidentally lead to contract formation.
Does a request for information constitute offer and acceptance?
No, a request for information does not constitute offer and acceptance.
Why might 'subject to contract' be used in email negotiations?
To avoid accidental acceptance and thus unintended contract formation.
What is the role of consideration in a contract?
Consideration is something of value exchanged between the parties.
What should you remember when asking for the best price?
Asking for the best price is not an offer; it is a request for information.
Can contracts be oral, written, or both?
Contracts can be both oral and written.
What does changing the terms of an offer before accepting it result in?
It results in a counter-offer, not acceptance.
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