Formation 4

Question 1

termination: what is NOT a counteroffer

Answer 1

mere inquiry

Question 2

termination: mirror image rule

Answer 2

acceptance must mirror the terms of the offer; nonconforming acceptance = rejection

Question 3

Termination: lapse of time

Answer 3

offeree must accept w/in specified reasonable time starting from when offer is received by offeree or when it would have been received (if delayed + offeree knows or should have known); otherwise, offeree allows offer to terminate

Question 4

Acceptance of offer overarching rule

Answer 4

offeree must objectively manifest assent to terms and communicate it in any reasonable manner.

Question 5

acceptance: how to communicate acceptance in “any reasonable manner?”

Answer 5

expressly or by conduct

Question 6

Must offeree have knowledge of offer to accept?

Answer 6

yes

Question 7

what constitutes acceptance of unilateral K offer?

Answer 7

ONLY complete performance; completed act forms the K

Question 8

mailbox rule

Answer 8

acceptance is effective when dispatched

Question 9

exception to mailbox rule

Answer 9

when exercising option K, acceptance effective when received

Question 10

when are non-acceptance communications (e.g., offers) effective?

Answer 10

when received