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An Offer, An Invitation to Treat and Transaction Costs

In: Law, Economics and Finance of the Real Estate Market

Author

Listed:
  • Yi Lut Li

    (City University of Hong Kong)

  • Rita Yi Man Li

    (Hong Kong Shue Yan University)

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.

Suggested Citation

  • Yi Lut Li & Rita Yi Man Li, 2014. "An Offer, An Invitation to Treat and Transaction Costs," SpringerBriefs in Economics, in: Law, Economics and Finance of the Real Estate Market, edition 127, chapter 0, pages 95-104, Springer.
    • Handle: RePEc:spr:spbchp:978-3-642-54245-9_7
    DOI: 10.1007/978-3-642-54245-9_7
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