1-Give two examples of an Invitation to Treat?
2-Give two examples of what could be forms of Consideration?
3-Explain how the formula of Contract Formation plays out in a Tendering Situation.
1. Two examples that could be the referred to as the invitation to the treat are inviting people to make an offer. For example, advertisement or a promotion, tenders, auctions or display of goods are all invitation to treat.
2. Consideration in a contract refers to exchange of anything of value with the another party. For example, money, services, property, promise to act, personal property etc.
3. Tendering refers to the process making a bid or an offer, proposal or expressing any interest in response for an invitation or request for the tender. The contract formation under tendering process starts with signing and agreeing regarding how much units or what offer would be proposed to whom and by how much. The same is being expressed in a government or a legal official document having certain information and concrete data. The contract offer is then sent to the interested parties and if any party agrees, the same is being signed and a contract is formed where the offer is given and accepted by both the parties for specific performance.
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