Agreement Flashcards
When does an offer occur?
When the offeror displays an objectively serious intent to be bound and creates power of acceptance in the other side.
To whom must an offer be directed?
Usually it needs to be directed at a specific offeree except in rewards offers.
How specific must a common law offer be?
It must include all essential terms in the agreement including parties, subject, price, and quantity.
How specific must a UCC offer be?
Must include parties, subject and quantity but need not include price.
What is a requirements contract?
When purchaser doesn’t know number he will need but offers to purchase all from seller. the quantity of the contract will be determined in litigation. Valid under UCC even though no quantity.
What is an output contract?
Promise to sell all that you produce. Valid under UCC even tho no quantity.
When are advertisements offers?
1) Reward Advertisements
2) Advertisement that are very specific and leave nothing open to negotiation including how acceptance can occur.
