1. Offer Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

What are the key elements of an offer?

A

1) Promise/Commitment/Undertaking to enter contract (Intent)
2) Terms (Definite/Certain)
3) Communication to Offeree

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2
Q

What factors determine intent to enter contract?

A

Language

  • Technical (‘I wish’, ‘I promise to’)
  • NOT mere invitation (‘I am asking for’, ‘I would consider’)

Surrounding circumstances

Parties’ previous relationship/practice

Methods of communication

  • NOT publication (too broad)
  • NOT advert (mere invitation)

Signed offer
- NOT offer requiring BOTH parties’ signatures

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3
Q

What is required for definite/certain terms?

A

Services

1) Parties
2) Subject matter
3) Price
4) Quantity

Real estate

1) Land description
2) Price

Sale of goods

  • Quantity
  • Other terms (UCC may add gap-filler terms)

Sale of goods (output/requirement contracts)

1) Wording (all/exclusively/only)
2) Good faith
3) Quantity not unreasonably disproportionate to prior contract/statute reqs/anticipated amounts

Employment

  • Nature of work
  • Duration
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4
Q

How can missing terms in sale of goods contracts be ascertained?

A

UCC gap-filler terms

Court can produce reasonable terms

1) Intent to make contract
2) Reasonably certain basis for remedy

Price

  • Sale of goods (reasonable price at time of delay)
  • Services (intent to create contract w/o price settlement) (NOT real estate)

Time

  • Express/Implied (by law)
  • Continuing contracts
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5
Q

How can vague terms be ascertained?

A

E.g. ‘Fair’, ‘Appropriate’, ‘Reasonable’

Curable methods available

  • Acceptance of full performance
  • Part performance

Presumed intent to include reasonable term

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6
Q

How can later terms be ascertained?

A

Not too material

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7
Q

What is required for valid communication of offer to Offeree?

A

Offeree has knowledge of offer

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