CONTRACTS THE OFFER Flashcards
PROMISE ELEMENTS
a. Language: Quantity
b. Circumstances
c. Prior Practice/Relationship of Parties
d. Method of Communication
i. Broad Media: Solicitation of Offer
ii. Advertisements: Invitations for Offers
REQUIRED ELEMENTS IN OFFER UCC
UCC: QUANTITY
REQUIRED ELEMENTS OFFER CL
2) CL:
- LAND: PRICE AND DESCRIPTION
- EMPLOYMENT: DURATION/WRK
REQUIREMENTS K
- Good Faith, not unreasonably disproportionate
- Exclusivity implied in requirements contract (buyer’s promise would be illusory)
- Right to receive goods under a requirements contract is not assignable (obligor’s duties could change significantly)
- UCC allows the assignment of requirements contracts IF the assignee acts in good faith not to alter the terms of the contract.
OUTPUT K
- Good Faith and Not unreasonably disproportionate
ELEMENTS OF OFFER
PROMISE
CERTAIN/DETERMINED
COMMUNICATED
COMMUNICATION OF OFFER
Oferee must have knowledge.
CONTINUING OFFER
- not for whole and may be accepted multiple times. Means offer or tender will remain open for:
- specified amount of time
- binding when required quantity ordered.
TERMINATION OF OFFER (LaRRD/TIRED)
TIME LAPSE
REVOCATION
T - OFFEREE
T - LAW
TERMINATION OF OFFER BY LAPSE OF TIME
- stated time.
- reasonable period (Look for more than 30 days)
TERMINATION OF OFFER BY REVOCATION (DIRECT/INDIRECT)
i. Direct revocation: Effective when “received” (Business, read, or message) or if publication when published.
ii. Indirect revocation (MOTORCYCLE)
1. Conduct by offeror PLUS
2. Oferee is aware of conduct
EXCEPTIONS TO REVOCATION
OPTION K
FIRM OFFER
DETRIMENTAL RELIANCE (4)
BEGIN PERFORMANCE - UNILATERAL
PROMISSORY ESTOPPEL/DETRIMENTAL RELIANCE
1 - PROMISE
2- REASONABLE EXPECTATION RELY
3- ACTUAL RELIANCE (DETRIMENTAL RELIANCE)
4- INTEREST OF JUSTICE
TERMINATION BY OFEREE
REJECTION
COUNTER OFFER
REJECTION OF OPTION
DOES NOT TERMINATE OPTION PERIOD UNLESS DETRIMENTAL RELIANCE ON REJECTION
