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Business Law and the Legal Environment for a New Century
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Offer
An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms.
Problems with Intent Invitation to bargain is not an offer. Price quote is generally not an offer. An advertisement is generally not an offer. Placing an item up for auction is not an offer, it is merely a request for an offer. Problems with Definiteness The term of the offer must be definite.
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Termination of Offers
Termination by Revocation
Effective when the offeree receives it.
Option Contract
The offeror may not revoke an offer during the option period.
Sale of Goods
A writing signed by a merchant, offering to hold an offer open, may not be revoked.
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Termination by Expiration
When an offer specifies a time limit for acceptance, that period if binding. If the offer specified no time limit, the offeree has a reasonable period in which to accept.
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Acceptance
The offeree must say or do something
to accept.
In a bilateral contract, the offeree generally must accept by making a promise. In a unilateral contract, the offeree must accept by performing. If the offer is ambiguous, the offeree may accept by either a promise or performance.
Mirror Image Rule (Common Law) Requires that acceptance be on precisely the same terms as the offer.
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acceptance terms that are additional to or different from those in the offer.
Additional terms are those that bring up new issues.
If both parties are merchants, the additional terms will generally become part of the contract.
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Communication of Acceptance
Medium and Manner of Acceptance If an offer demands acceptance in a particular medium or manner, the offeree must follow those requirements. If the offer does not specify a type of acceptance, the offeree may accept in any reasonable manner and medium. Time of Acceptance: The Mailbox Rule An accceptance is generally effective upon dispatch, meaning the moment it is out of the offerees control.
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Promissory Estoppel
Under the doctrine of promissory
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Business Law and the Legal Environment for a New Century
Alternate Edition
Vagueness or ambiguity in an offer or acceptance guarantees problems and may lead to litigation. The executive or consumer who articulates to herself precisely what she wants and then bargains clearly for it, is likely to spend more time doing business and less time in court.
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Business Law and the Legal Environment for a New Century
Alternate Edition