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14 Cards in this Set
- Front
- Back
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What is an "Offer"
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the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and well conclude it.
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Offeror
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Makes the offer
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Offerer
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Accepts the offer
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How many ways can you terminate and offer?
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4
Rejection Revocation Lapse Death/Incapacity |
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Rejection
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Express
I reject Implied Counteroffer is a new offer Once rejected , the offer is dead; cannot be accepted if offeree changes his/her mind |
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Express Revocation
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An offeree’s power of acceptance is terminated when the offeree received for the offeror a manifestation of an intention not to enter into the proposed contract
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Indirect Revocation
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An offeree’s power of acceptance is terminated when the offeror takes definite action inconsistent with an intention to enter into the proposed contract and the offeree acquires reliable information to that effect.
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Lapse
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An offeree’s power of acceptance is terminated at the time specified in the offer, or, if no time is specified, at the end of a reasonable time (varies).
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Options
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o Promise to keep Offer open for a certain period of
time is a separate promise for the Offer itself. o Requires consideration to be binding |
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Acceptance
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Acceptance of an offer is a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.
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Unilateral v. Bilateral (Contract Offers)
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• Unilateral : promise in exchange for promise
• Bilateral: promise in exchange for a promise |
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Promissory Acceptance
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an acceptance is a promise (manifestation of an intent) and a promise can be an effective acceptance when the offeror calls for or is unclear as to the mode of acceptance.
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Mailbox Rule
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holds that an acceptance is effective on dispatch rather than receipt.
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FIrm Offer "U.C.C."
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If a "merchant" makes an offer in writing signed, and which contains an assurance that it will be held open, then it will be regarded as irrevocable in spite of the absence of consideration for either the period stated or, if no period is stated, for a reasonable time, but in no event exceeding 3 months.
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