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Obligations > Offer > Flashcards

Offer Flashcards

1
Q

What is an offer?

A

An offer is a unilateral juridical act

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2
Q

What are the essential elements of an offer?

A

Subjects, object, lawful cause, essential elements, contractual intent
May contain modalities

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3
Q

What are the subjects of an offer?

A

The offeror/offeree. The offeror must confer on the offeree the power to accept

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4
Q

What is an object of an offer?

A

The object of the offer is the object of the contract under formation. The object must be lawful, possible, determinable, or at least determinable

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5
Q

What is the (lawful) cause of a contract?

A

The reason why someone obligates himself. Must be lawful

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6
Q

What is contractual intent of an offer?

A

The intent between the offeror and offeree must be to create a serious legally binding agreement

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7
Q

What are modalities of a contract?

A

Terms, conditions, formalities, and other details may wish to communicate

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8
Q

What is a non-complete offer?

A

An invitation to negotiate

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9
Q

T or F, An offer can be made in writing or action

A

T

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10
Q

2439 What does a sale require?

A

A thing, price, and the consent of the parties

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11
Q

Communication the offer

A

“Knowledge theory” applies to the communication of an offer. and counteroffer

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12
Q

Retraction means?

A

revoking an offer that has not been communicated

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13
Q

Revoking means?

A

withdrawing an offer that has already been communicated

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14
Q

T or F, Irrevocable offers DO NOT constitute a residual category in the civil law of contract

A

T

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15
Q

T or F, advertisements are not usually offers?

A

T. The presumption is they are not offers. To be an offer you would need very specific language

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16
Q

1928 Irrevocable offer

A

An offer that specifies a period of time for acceptance is irrevocable during that time. When the offeror manifest an intent to give the offer a delay within which to accept without specifying a time, the offer is irrevocable for a reasonable time

17
Q

How do courts determine a reasonable period of time?

A

1) means of communication 2) Parties prior dealings

18
Q

When an offer is irrevocable, can the offeror revoke or modify in a way that is detrimental to the oferee?

A

No, but they can make beneficial changes. This rule is SUPPLETIVE

19
Q

1929 Expiration of irrevocable offer for lack of acceptance

A

An irrevocable offer expires if it is not accepted in within the time prescribed.
ends by expiration when (1) the specified or reasonable period of time lapses and the offer has not accepted (2) the offer rejects or extends a counteroffer (3) by death of incapacity of either party before the offer has been accepted
However, if the offer has been accepted prior to death, the contract may be heritable

20
Q

T or F, rejection of a irrevocable offer is pursuant to the reception theory?

A

T

21
Q

T or F, a counteroffer is pursuant to knowledge theory

A

T.

22
Q

T or F. Irrevocable offers do not turn revocable, they simply die.

A

T.

23
Q

T or F. An irrevocable offer is not assignable (unlike an option contract), it expires at the death of either the offeror or offer.

A

T. However, the the death occurs after the offer is accepted the contract may be heritable

24
Q

1934 Time when acceptance of an irrevocable offer is effective
“Reception Theory”

A

An acceptance of an irrevocable offer is effective when it is received by the offeror. “Reception Theory”

25
Q

1930 General Rule is that offer is revocable

A

An offer that is not irrevocable may be revoked before it is accepted. Revocable offers constitute a residual category

26
Q

1931 Expiration of revocable offer

A

a revocable offer expires if not accepted within a reasonable time

27
Q

1931 When does a revocable offer terminate?

A

1) By revocation made pursuant to to RECEPTION theory, before acceptance
2) Rejection of counteroffer made by offer prior to revocation (rejection=reception theory, counteroffer = knowledge theory)
3) By expiration, if the offer, although not revoked has not been accepted within a reasonable time
4)By expiration in event of death of incapacity before the offer has been revoked or accepted.

28
Q

1935 Time when acceptance of revocable offer is effective (Transmission theory!)

A

Unless otherwise specified, an acceptance of a revocable offer is effective when transmitted by offered.

29
Q

1937 Time when revocation is effective
RECEPTION theory

A

A revocation of a revocable offer is effective pursuant to RECEPTION THEORY

30
Q

1932 Expiration of offer by death or incapacity of either party.

A

An offer expires by the death or incapacity of the offeror or the offer before it has been accepted.

31
Q

1933 Options contract

A

An options contract is a contract whereby the parties agree that (1) the offeror is bound by his offer for a specified period of time and (2) that the offer may accept within that time.

32
Q

T or F, an option contract is NOT a irrevocable offer.

A

T.

33
Q

T or F, Options contracts are assignable

A

T.

34
Q

1934 Time when acceptance of an irrevocable offer is effective (RECEPTION THEORY)

A

An acceptance of an irrevocable offer is effective when received by the offeror.

35
Q

1935 Time when acceptance of a revocable offer is effective. TRANSMISSION or MAILBOX THEORY

A

an acceptance of a revocable offer, made in a manner and by a medium suggested by the offer or in a reasonable manner and by a reasonable medium, is effective when transmitted by the offeree.

36
Q

1944 Offer of reward made to public.

A

An offer of reward made to the public is binding upon the offeror even if the one who performs the requested act does not know of the offer.

37
Q

1945 Revocation of an offer made to the public

A

an offer made to the public may be revoked before completion of the requested act provided the revocation is made by the same or an equally effective means as the offer.

38
Q

1946 Performance by several persons

A

When several persons have performed the requested act, the reward belongs to the first one giving notice of his completion of the performance to the offeror

Obligations (14 decks)

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