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33 Cards in this Set
- Front
- Back
Offer
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A proposal indicating a willingness to enter into a contract
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Offeror
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Person making the offer
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Offeree
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Person to whom the offer is being made
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Communications
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Offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree
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Intent
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Determined by an objective standard of what a reasonable offeree would have believed
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Without Reserve
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Auctioneer may not withdraw the goods from the auction
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Definiteness
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Offer's terms must be clear enough to provide a court with a basis for giving an appropriate remedy
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Good Faith
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Honesty in fact
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Commercial Reasonableness
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Judgement of reasonable persons familiar with the business transaction
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Output Contract
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An agreement of a buyer to purchase the entire output of a seller's factory
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Requirements Contract
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An agreement of a seller to supply a buyer with all his requirements for certain goods
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Lapse of Time
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Offer remains open for the time period specified or if no time is stated for a reasonable period of time
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Revocation
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Cancellation of an offer by an offeror; generally an offer may be terminated at any time before it is accepted
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Option
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Contract providing that an offer will stay open for a specified period of time
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Consideration
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The inducement to enter into a contract, consisting of an act or promise that has legal value
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Firm Offer
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Irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months
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Statutory Irrevocability
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Offer made irrevocable by statute
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Irrevocable Offer of Unilateral Contracts
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A unilateral offer may not be revoked for a reasonable period of time after performance is begun
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Promissory Estoppel
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Noncontractual promise that binds the promisor because she should reasonably expect that the promise will induce the promisee to take action in reliance on it
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Rejection
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The refusal to accept an offer
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Counteroffer
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Counterproposal to an offer
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Conditional Acceptance
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Acceptance of an offer contigent upon the acceptance of an additional or different term
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Death or Incompetency
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Of either the offeror or the offeree terminates the offer
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Destruction of Subject Matter
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of an offer terminates the offer
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Subsequent Illegality
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Of the purpose or subject matter of the offer terminates the offer
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Acceptance
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Manifestation of a willingness to enter into a contract on the terms of the offer
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Effective Moment
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Acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication
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Stipulated Provisions in the Offer
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The communication of acceptance must conform to the specifications in the offer
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Authorized Means
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Usually any reasonable means of communication
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Unauthorized Means
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Acceptance is effective when received, provided that it is received within the time within which the authorized means would have arrived
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Acceptance Following a Prior Rejection
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First communication received by the offeror is effective
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Defective Acceptance
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Does not create a contract but serves as the new offer
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Mirror Image Rule
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An acceptance cannot deviate from the terms of the offer
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