Agreement - Offer and Acceptance Flashcards
What are three key requirements for a communication to constitute an offer?
- Expresses an intent to be bound
- Definite and certain
- Offeree must have knowledge of the offer
If an advert promises something if the reader does something, the advert will be treated as an ______ to enter a _________ _________
offer, unilateral contract
When is an offeror free to revoke most offers?
Any time before the offer is accepted
Revocation can be _______, or where the offeree receives correct information from a ______ _________ of acts of the offeror which indicate revocation
direct, reliable source
When is revocation effective?
On receipt
Name three situations where an offer cannot be revoked:
- Collateral contract made to keep the offer open
- Offeree has begun performance under a unilateral contract
- Offeree accepted a bilateral contract by beginning performance
What is a collateral contract?
A subsidiary contract that induces a person to enter into a main contract
A mere ______ or a request for further __________ does not constitute a revocation
inquiry, information
What may be considered as offers if given in response to a specific inquiry?
Price quotations
An offeree must have what of an offer to accept it?
Knowledge
What are 4 common features of a valid acceptance of an offer?
- Must take place while the offer is still in force
- Must be on the same terms as the offer
- Must be unconditional (e.g. not ‘subject to contract’)
- Must be communicated to the offeror
An offer to enter a bilateral contract can be accepted by a promise to _______ or by beginning ___________
perform, performance
If an offer stipulates a method of acceptance, another method will be valid provided it is…
no less advantageous
Can a buyer accept noncomforming goods and still sue for damages of a breach of contract?
Yes
