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In: Economics

discuss whether or not the objective standard in offer and acceptance is fair and/or just/

discuss whether or not the objective standard in offer and acceptance is fair and/or just/

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Expert Solution

When two parties enter into an agreement, a couple of things happen. One party, the offeror, offers something of value in exchange for a promise. The offeree accept or decline the offer. If the offer is accepted by the offeree, and all things are legal, there is a mutual agreement. This agreement is called mutual assent, meaning two parties agreed upon something and are prepared to enter into a contract. The objective theory of contract states that an agreement between two parties exist if a reasonable person could judge the acts and behaviours of the parties in enough to objectively true agreement.

Simply stated, all that is needed for mutual assent is an offer acceptance of the offer and all other things being legal, a contract can be formed. Of course, all other things being legal, in this case, mein means that the kayak actually belong to Chappy and he is within his rights to sell it. These things are determined, the two men are free to enter into a contract.

Rahul Sunny answered 2 years ago
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