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17 Cards in this Set
- Front
- Back
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Offer
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manisfestation of a willingness to enter into a contract if the other person agrees to terms
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Offeror
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person making the offer
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Offeree
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person recieving the offer
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Present sense intent to contract
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from the point of veiw of the "reasonable person"
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Definiteness
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is it sufficiently clear so that what was promised in the offer can be determined by a reasonable person
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Communication
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mere existence of an offer is not sufficient, offer must be communicated to the offeree
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Advertisements
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not offers, but are invitations to negotiate
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Rewards
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offers for a unilateral contract, no acceptance of the offer until performance has been completed
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Aution
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seller inviting offers, bidders are the offerors
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Bids
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bidders are generally offerors
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Essential terms
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anything where a "reasonable person" would find there is an offer
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Firm offer
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even though there is no separate "consideration" to hold the offer open
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Options
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separate contacts to hold an offer open
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Unilateral contract
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no effective acceptance until there has been full performance
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Effectiveness of revocation
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offer is not effective until it is actually recieved by the offeree
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Mailbox rule
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Acceptance is effective upon dispatch, revocation is effective upon receipt
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Rejection
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offer is terminated when it is rejected by the offeree
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