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9 Cards in this Set
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§ 24 Offer Defined |
An offer is 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 will conclude it. (a) Offer as Promise. In the normal case of an offer of an exchange of promises, or in the case of an offer of a promise for an act, the offer itself is a promise, revocable until accepted. |
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§ 25 Option Contracts |
An option contract is a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer. |
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§ 26 Preliminary Negotiations (comments a,b,c,d,f and illustration 1) |
A manifestation of willingness to enter into a bargain is not an offer if the person to whom it is addressed knows or has reason to know that the person making it does not intend to conclude a bargain until he has made a further manifestation of assent. |
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§ 27 Existence of a Contract Where Written Memorial is Contemplated |
Manifestations of assent that are in themselves sufficient to conclude a contract will not be prevented from so operating by the fact that the parties also manifest an intention to prepare an adopt a written memorial thereof; but the circumstances may show that the agreements are preliminary negotiations. |
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§ 29 To Whom an Offer is Addressed |
(1) The manifested intention of the offeror determines the person or persons in whom is created a power of acceptance. (2) An offer may create a power of acceptance in a specified person or in one or more of a specified group or class of persons, acting separately or together, or in anyone who makes a specified promise or renders a specified performance. |
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§ 30 Form of Acceptance Invited |
(1) An offer may invite or require acceptance to be made by an affirmative answer in words, or by performing or refraining from performing a specified act, or may empower the offeree to make a selection of terms in his acceptance. (2) Unless otherwise specified by the language or the circumstances, an offer invites acceptance in any manner and by any medium reasonable in the circumstances. |
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§ 32 Invitation of Promise or Performance |
In case of doubt an offer is interpreted as inviting the offeree to accept either by promising to perform what the offer requests or by rendering the performance, as the offeree chooses. |
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§ 33 Certainty (Comments a,b,c,d,f) |
(1) Even though a manifestation of intention is intended to be understood as an offer, it can be accepted so as to form a contract unless the terms of the contract are reasonably certain. (2) The terms of a contract are reasonable certain if they provide a basis for determining the existence of a breach and for giving an appropriate remedy. (3) The fact that one or more terms of a proposed bargain are left open or uncertain may show that a manifestation of intention is not intended to be understood as an offer or as an acceptance. |
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§ 34 Certainty and Choice of Terms; Effect of Performance or Reliance |
(1) The terms of a contract may be reasonable certain even though it empowers one or both parties to make a selection of terms in the course of performance. (2) Part performance under an agreement may remove uncertainty and establish that a contract enforceable as a bargain has been formed. (3) Action in reliance on an agreement may make a contractual remedy appropriate even though uncertainty is not removed. |
