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Chapter 6

Offer and Acceptance

Elements of a Contract

Offer and Acceptance (Agreement)


Genuine Assent
Legality
Consideration

Something of Value

Capacity
Writing (Form)

Agreement

Offer A promise to do (or not do)


something provided the offeree does
(or does not do) something in return.
Acceptance Act or promise in
response to an offer
Offer + Acceptance =
Agreement

The Offer
Offeror Makes the offer
Offeree Receives the offer
Legal Focus pg 192

Statements made in anger lack


intent
Just Joking, excitement

Reasonable person

The Offer

Requirements of the offer:


1. Contractual

intent must be present in the

offer
2. Must be communicated to the offeree
3. Terms must be reasonably definite

The Offer - Intent

Legal Foci Pg 193


Nonoffers
1.
2.
3.
4.
5.

Jests
Statements made in anger or terror
Expressions of Opinion
Statements of intention
Preliminary Negotiations
1.

6.

Advertisements, Catalogs, etc

Social Agreements

The Offer - Intent

An agreement to agree

Law in action from Chapter 7

Auctioneer

The audience actually makes the


offer
Hammer falls Contract formed

The Offer Definite Terms

Terms promises, conditions, and


descriptions in a contract.
Important Terms (pg 112)

Subject Matter
Parties
Price
Time for Performance

The Offer Definite Terms

Legal Focus Top of Pg 197

Law in Action Pg 196

mechanic
furs

Legal Focus Middle of Pg 197

copiers

The Offer - Communication

Legal Focus Pg 198


Must be communicated to the offeree

Termination of the Offer

Termination by the Parties


Termination by Law

Termination by the Parties

Revocation

Must be made same way offer was

Rejection
Counteroffer

Termination by Law

Time Stated

Reasonable length

Death or Insanity of the parties


Destruction of the Subject Matter
Illegality

Keeping Offers Open

WYV pg 114
Options
Firm Offers

Merchants
In writing
Binding offer for time stated < 3 months

Requirements of Acceptance

Comes from offeree

Matches terms of the offer

Sometimes the offeree is the general


public
Mirror image rule
Counteroffers are not acceptances

Be communicated to the offeror

Mirror image rule

Most states only apply to major


changes
UCC exceptions

Pg 119

Communication of Acceptance

Silence

Tricky, tricky
Exception: prior practice, Old Legal Focus

Bilateral

Promise for a Promise

Words or conduct

Unilateral

Promise for an act

Modes of Communication

In person or other effective means

Phone, text, mail, messenger, email, fax,


etc.
Exception: stipulated in offer

Modes of Communication

All forms of contractual


communication are effective once
received EXCEPT
Acceptance
Effective once sent
Same mode as offer or faster
Mailbox rule
Unless otherwise stipulated in the offer