Asked by
Shanice Taylor
on Dec 16, 2024Verified
A purchaser issues a request to get the best possible price on a required product or service. This is referred to as a tendered bid. The Supreme Court of Canada has decided that in some circumstances such tendered bids:
A) Cannot be revoked.
B) Have no requirement that bidders be treated fairly, as caveat emptor applies.
C) Do not allow for discretion.
D) Are an invitation to treat which carries with it no legal status.
E) Must be in a standard form contract.
Tendered Bid
A formal offer submitted in response to an invitation to bid for a project, often including price and terms of service.
Caveat Emptor
A Latin phrase meaning "let the buyer beware," implying that the buyer assumes the risk about the quality and condition of the product being sold.
Standard Form Contract
A contract with fixed terms prepared by a business.
- Determine and understand the legal criteria necessary for a binding agreement.
Verified Answer
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Learning Objectives
- Determine and understand the legal criteria necessary for a binding agreement.