An Offer, An Invitation to Treat and Transaction Costs

Yi Lut Li () and Rita Yi Man Li ()
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Yi Lut Li: City University of Hong Kong
Rita Yi Man Li: Hong Kong Shue Yan University

Chapter Chapter 7 in Law, Economics and Finance of the Real Estate Market, 2014, pp 95-104 from Springer

Abstract: Abstract While packages of potato chips, bottles of drinks and shampoo on the supermarket shelves are classified as an invitation to offer, medicine in the pharmacy is classified as an invitation to treat. Why are products with a different nature classified differently? This chapter proposes that transaction costs provide the answer to the question.

Keywords: Offer; Invitation to treat; Invitation to offer; Transaction costs; Asymmetric information; Institutional economics (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-642-54245-9_7

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DOI: 10.1007/978-3-642-54245-9_7

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