Business Law

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Cliffnotes
Contract Law
The University of Hong Kong

Contract Law Cliffnotes

The University of Hong Kong

Contents Page
Introduction to Contract .................................................................................10 The Process.............................................................................................................................10 Formation of an Agreement................................................................................................11 Bilateral Contracts – 2 promisors ...................................................................................................11 Unilateral Contracts – 1 promisor ..................................................................................................11 ‘Offer’..................................................................................................................................................11 ‘Acceptance’ .......................................................................................................................................11 Cross Offers.......................................................................................................................................11

Offers and Invitations to Treat...........................................................................................12 Bilateral contracts ..............................................................................................................................12 Unilateral contracts ...........................................................................................................................12

Difficult unilateral contracts................................................................................................13 Revocation..........................................................................................................................................13

Offers in Bilateral Contracts................................................................................................13 Acceptance in Bilateral Contracts ......................................................................................13 When acceptance takes effect .........................................................................................................13 The Postal Rule .................................................................................................................................14 Instantaneous Communications .....................................................................................................14 Method of Acceptance .....................................................................................................................14

Duration of an Offer.............................................................................................................15 Withdrawal .........................................................................................................................................15 Death...................................................................................................................................................16

Finality, Completeness....................................................................................16 Completing the Terms..........................................................................................................16 Limitations..........................................................................................................................................17

Date of Completion ..............................................................................................................17 Negotiation..............................................................................................................................17 “Subject to Contract”............................................................................................................17...
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