Requirements of an Offer
A proposal by one party to another party to enter into a contract.
What is an offer?
Invitation to deal, trade, or make an offer.
What is invitation to negotiate?
Any change in the terms of the offer.
What is a counteroffer?
Agreement must not be based on one party’s deceiving another, on an important mistake, or on the use of unfair pressure exerted to obtain the offer or acceptance.
What is genuine assent?
Taking back an offer.
What is revocation?
Made seriously, definite and certain, and communicated to the offeree.
What are requirements of an offer?
Cannot accept the offer.
What is the person who is not the intended offeree?
Offeror promises something in return for the offeree’s performance.
What is unilateral acceptance?
What the parties agree to must be legal.
What is legality?
The offeree refuses the offer.
What is rejection?
Offer must be specific.
What makes an offer enforceable?
All terms are stated orally or in writing.
What is an express contract?
Both parties promise to do something.
What is bilateral acceptance?
Agreement must involve both sides receiving what the law considers value in some form as a result of the transaction.
What is consideration?
Ends the original offer and starts a new one.
What is a counteroffer?
Must be made with the intention of entering into a legal obligation
What is serious intent?
Terms not expressly stated, but inferred based on conduct.
What is an implied-in-fact contract?
Takes effect when handed to the clerk.
What is a telegram?
Person must have legal ability to contract for themselves.
What is capacity?
Offeror must set a specific time limit.
What is expiration of time?
A job offer that states the salary is $30,000 per year plus a “reasonable” commission is not enforceable.
What is definite and certain?
Not really a contract; enforced for justice.
What is an implied-in-law contract?
Takes effect when properly posted.
What is acceptance sent by mail?
Some agreements must be placed in writing to be fully enforceable in court.
What is proper writing?
Ends an offer, but does not end a contract except for personal services.
What is death or insanity?