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Chapter 6

Chapter 6. Offer and Acceptance. Elements of a Contract. Offer and Acceptance (Agreement) Genuine Assent Legality Consideration Something of Value Capacity Writing (Form). Agreement.

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Chapter 6

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  1. Chapter 6 Offer and Acceptance

  2. Elements of a Contract • Offer and Acceptance (Agreement) • Genuine Assent • Legality • Consideration • Something of Value • Capacity • Writing (Form)

  3. 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

  4. 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

  5. The Offer • Requirements of the offer: • Contractual intent must be present in the offer • Must be communicated to the offeree • Terms must be reasonablydefinite

  6. The Offer - Intent • Legal Foci Pg 193 • Nonoffers • Jests • Statements made in anger or terror • Expressions of Opinion • Statements of intention • Preliminary Negotiations • Advertisements, Catalogs, etc • Social Agreements

  7. The Offer - Intent • An agreement to agree • Law in action from Chapter 7 • Auctioneer • The audience actually makes the offer • Hammer falls – Contract formed

  8. The Offer – Definite Terms • Terms – promises, conditions, and descriptions in a contract. • Important Terms (pg 112) • Subject Matter • Parties • Price • Time for Performance

  9. The Offer – Definite Terms • Legal Focus Top of Pg 197 • mechanic • Law in Action Pg 196 • furs • Legal Focus Middle of Pg 197 • copiers

  10. The Offer - Communication • Legal Focus Pg 198 • Must be communicated to the offeree

  11. Termination of the Offer • Termination by the Parties • Termination by Law

  12. Termination by the Parties • Revocation • Must be made same way offer was • Rejection • Counteroffer

  13. Termination by Law • Time Stated • Reasonable length • Death or Insanity of the parties • Destruction of the Subject Matter • Illegality

  14. Keeping Offers Open • WYV – pg 114 • Options • Firm Offers • Merchants • In writing • Binding offer for time stated < 3 months

  15. Requirements of Acceptance • Comes from offeree • Sometimes the offeree is the general public • Matches terms of the offer • Mirror image rule • Counteroffers are not acceptances • Be communicated to the offeror

  16. Mirror image rule • Most states only apply to major changes • UCC exceptions • Pg 119

  17. 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

  18. Modes of Communication • In person or other effective means • Phone, text, mail, messenger, email, fax, etc. • Exception: stipulated in offer

  19. 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

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