Offer I
The manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that their assent to that bargain is invited and will conclude it.
What is an offer?
The type of terms demonstrated by promise, undertaking, or commitment that communicates to the offeree that they have the power of acceptance.
What is definite and certain terms?
Where the delay between offer to form a contract and acceptance is unreasonable in light of time contemplated by parties, there is no contract.
What is lapse?
Death does this to a general offer.
What is kills the offer?
A promise or set of promises that the law will enforce.
What is a contract?
Is there an offer:
The promisee knows or has reason to know that the promisor does not intend it as an expression of fixed purpose.
What is not until there is a further expression of assent?
SEE R2K §26
Price quotes are not offers, unless...
What is it is specific enough to constitute/bring acceptance to it?
When an offer is held open by some type of consideration this type of contract is made.
What is an option contract?
For option contracts, lack of this renders the option contract unenforceable, even where a party has acknowledged receiving it.
What is consideration?
The elements of a contract.
What is:
(1) Offer
(2) Acceptance
(3) Consideration
(4) Specificity of Terms
An advertisement generally does not constitute an offer, they are understood as being invitations to offer unless they follow either of these two exceptions.
(1) The ad leaves no room for negotiation OR
(2) it includes an offer of a reward.
This source of contract law provides no guidance as to what an offer is.
What is UCC Art. 2
In option contracts, this does not matter if there is signed writing.
What is consideration?
This is what we assume is true, you need to provide affirmative evidence that it is not true.
What is a rebuttable presumption?
Applicable Law for Governing Contracts
What is:
- UCC (everywhere but Louisiana)
- Common Law
(R2K is not law unless adopted by the court)
Rejection, revocation, lapse, and death are all examples of this.
What is destroying an offer?
Expressed no and counteroffer are two ways you can do this.
What is reject an offer?
A person who deals who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or good involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.
What is a merchant?
UCC § 2-104
Offer by a merchant, in a signed writing that is not irrevocable for lack of consideration during a reasonable time or the time stated (in no event longer than 3 months).
What is a firm offer?
Governs the sale of goods.
What is UCC Art. 2?
Until acceptance, offeror retains full control and mastery over his offer including the right to do this.
Detrimental reliance, unilateral contracts (after start of performance), option contracts, and UCC firm offers (for the first 3 months) are examples of this.
What are irrevocable offers?
Things that are moveable.
What is a good?
This destroys an offer and creates a new offer.
What is a counteroffer?
Contract with no legal effect.
Cannot be enforced by either Party.
E.g. K entered to commit a crime.
What is Void Contract