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Chapter 6 Offer and Acceptance

Chapter 6 Offer and Acceptance. 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances. 6-1 Creation of Offers. GOALS List the elements required to form a contract Describe the requirements of an offer. WHAT MUST BE IN A CONTRACT?. Offer and acceptance Genuine assent

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Chapter 6 Offer and Acceptance

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  1. Chapter 6Offer and Acceptance 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances Chapter 6

  2. 6-1 Creation of Offers GOALS • List the elements required to form a contract • Describe the requirements of an offer Chapter 6

  3. WHAT MUST BE IN A CONTRACT? • Offer and acceptance • Genuine assent • Legality • Consideration • Capacity • Writing Chapter 6

  4. What elements are required to form a legally enforceable contract? Chapter 6

  5. REQUIREMENTS OF AN OFFER • Contractual intent must be present • Jests • Statements made in anger or terror • Preliminary negotiations • Social agreements • Offer must be communicated to the offeree • Essential terms must be complete and definite Chapter 6

  6. What are the requirements of an offer? Chapter 6

  7. 6-2 Termination of Offers GOALS • Describe the various ways to end offers • Explain how an offeree can ensure an offer will remain open Chapter 6

  8. HOW CAN OFFERS BE ENDED? • Revocation by the offeror • Time stated in the offer • Reasonable length of time • Rejection by the offeree • Counteroffer • Death or insanity of either the offeror or offeree • Destruction of the specific subject matter Chapter 6

  9. Explain two ways in which offers can be terminated. Chapter 6

  10. HOW CAN AN OFFER BE KEPT OPEN? • Options • Firm offers Chapter 6

  11. How could an offeree insure that an offer will stay open for a set period of time? Chapter 6

  12. 6-3 Acceptances GOALS • Discuss the requirements of an effective acceptance • Determine at what point in time an acceptance is effective Chapter 6

  13. WHAT IS REQUIRED OF AN ACCEPTANCE? • Only offerees may accept • The acceptance must match the offer • Acceptance must be communicated to the offeror • Silence, bilateral, unilateral acceptance • Modes of contractual communication • When acceptances are effective Chapter 6

  14. What are the requirements of an effective acceptance? Chapter 6

  15. PREVENT LEGAL DIFFICULTIES When you seek to enter into a contract . . . • When negotiating, assume the worst and include terms in the contract addressing potential problems. • For important contracts, put offers and acceptances in writing. If either an offer or an acceptance is made orally, promptly confirm it in writing. • Obtain and keep a copy of every important document you sign. • Express your intentions in offers and acceptances with clear, complete, and understandable language. Continued on the next slide Chapter 6

  16. PREVENT LEGAL DIFFICULTIES • Remember that the offeror may specify how and when the offer must be accepted. Otherwise the offeree may use the same means used by the offeror, a faster means, or other reasonable means. • When appropriate, buy an option, if one is available, to keep the offer open for as long as you need. • Remember that for an offeror to withdraw or revoke an offer, the offeree must receive notice. For speed, use the telephone, e-mail, or fax machine to withdraw or revoke an offer. Chapter 6

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