' element of exchange ' case - CURRIE V MISA (1975)
MAIN RULES :
1. for there to be sufficient consideration WHITE V BLUETT
2. Consideration must have some value, but it need not be adequate or match the ' value ' put in by the other person '
an offer
offeror
Nota:
the person making the offer
offeree
Nota:
the person to whom the offer is made to
Required acceptance from the offeree
must
be
certain
Offer
Nota:
statement of terms by which the offeror is prepared to be bound - therefore no further negotiations have to take place because it is intended to be bound
rules
Nota:
an offer can be made to one person or a group of people, which case it can only be accepted by the person or the group.
an offer can also be made to the whole world. eg reward
Vending machines and automatic ticket machines make standing offers.
'invitation to treat'
Nota:
an invitation for someone to make an offer
when does an offer come into existence
Nota:
A person cannot accept what he or she does not know about.
An off er must be communicated - when made in writing its communicated when received and read by the offeree.
- when made orally will be communicated when heard by the offeree
-when made in conduct will be communicated when seen by the offeree
acceptance of
that offer
unconditional
agreement
Nota:
1. An acceptance is unconditional agreement to all the terms of the offer by words or conduct
Conduct
Nota:
carlill v Carbolic smoke ball co - must be clear that the offeree did the required conduct with the intention
acceptance by
offeree
Nota:
Another person who hears the offer was made cannot try to accept it as the offere was not ot them.
Eliason v Henshaw
Nota:
E offered to buy flour from H. Offer said that the acceptance must be given to the wagoner who who had delivered the offer.
other than by
acceptance ,
how can an
offer come to
an end
Nota:
REJECTION : once the refusal of an offer has been communicated to the offerer the offer is ended.
REVOCATION : An offer can be withdrawn by the offeror at any time before as it has been accepted
BYRNE V VAN TIENHOVEN 1880
counter - offer
Nota:
An offer ends if the oferee makes a counter offer. a response introducing NEW terms , rather than accepting all the terms of the original offer.
HYDE V WRENCH
Lapse of time
Nota:
can also end by lapse of time
if the offerorsets a time limit for the acceptance of the offer - OFFER ONLY EXISTS IN THE SET TIME...
if no time limit is specified , the offer will remain open for a reasonable time. What is considered reasonable depends on the circumstances.
RAMSGATE VICTORIA HOTEL V MONTEFIORE (1866)
Specified event
Nota:
An offer which stated to come to an end if a certain event occurs cannot be accepted after that event has actually taken place.
death of the offeror
Nota:
an offeree cannot accept an offer once he knows or she knows that the offeror has died