2020 11 19 Module 3

Contract law centers on the formation of binding agreements, primarily analyzed through the essential elements of offer and acceptance. The Gibson Principle establishes that courts evaluate the existence of an agreement based on these two components, absent exceptional circumstances. Distinguishing between an offer—an indication of willingness to be bound—and an invitation to treat remains critical, as seen in cases like the Boots self-service shop decision. Acceptance requires final, unqualified assent, which must be communicated to the offeror, with the postal rule serving as a specific exception. Furthermore, offers may be withdrawn at any time before acceptance, provided the revocation is effectively communicated. Mastering these foundational definitions and case precedents is essential for identifying legal issues and constructing successful arguments in contract law examinations.