Ch 12 cont. Flashcards
Where intent may be lacking
-An opinion
-Statements made in jest, frustration, or anger
-negotiations
Are advertisements offers?
No, advertisements are invitations to negotiate - not offers. Merchants can only guess how many people will buy the product
ex- lobster example
are auctions offers
No, auctioneer has the choice to accept or reject offer
-with reserve- can withdraw items
-no reserve (absolute action)- have to sell item to highest bid
definiteness of terms
court can supply missing terms if parties intend to form a contract. Best to resolve outside of court because judge isn’t the most qualified person to make decisions on particular fields
Silence as acceptance
silence is a rejection of offer unless businesses have history of working together (food providers for restaurants dropping food off in the middle of the night)
mode and timeliness
acceptance must be made in a timely manner in the mode specified in contract (should not use a substitute method)
- if offeror specifies FedEx as mode- then you should use FedEx
mailbox rule
acceptance is effective when it is placed in mailbox if there is no mode and timeliness specified in contract
mirror image rule
offers and acceptances must mirror each other. You can’t accept something that wasn’t in the offer
Revocation
termination of offer by the offeror. Happens after new information is available that changes conditions of the offer
rejection
termination of offer by offeree. Can only be brought out again by offeror and offeror doesn’t have to
Counteroffer
terminates original offer and sometimes kills any chance of reaching agreement
operation of law
will terminate offer prior to acceptance through either lapse of time, destruction of subject matter, or death
T/F: an agreement must have both an offer and an acceptance
T
T/F: An offer and an acceptance must be similar
F- must be identical
T/F generally what the parties intend to do matters in determining what a contract means
F
