Offer Flashcards
Offer/Must (2)
An offer must manifest a present intent to create a contract. Also, an offeree must have knowledge of the offer.
Offer/Advertisements, etc.
An advertisement, catalog, or circular letter is generally not an offer unless it contains definite & certain terms.
Offer/Definite & Certain Terms
Definite & certain terms include nature of the work, quantity, time of payment, identity of the offeree, price, and subject matter. - [N. Q-Tips]
Offer/Quantity
For sale of goods, quantity must be certain or capable of being made certain by buyer’s actual requirements or seller’s actual output. However, quantity cannot be unreasonably disproportionate to a stated estimate or a prior requirement or output.
Public Offers
A public offer, such as a reward offer made to the general public, is an offer to enter into a unilateral contract. It may be accepted by anyone who completes the requested performance with knowledge of it.
Termination of Offer/Counteroffer
A counteroffer contains the same subject matter as the original offer, but differs in its terms. It typically contains an express rejection. It terminates the original offer and creates a new offer. - [e.g. Not at that price, but I’ll take it at $200]
Revocation of Offer
Unless an offer is irrevocable, an offeror may revoke it at any time before the offeree accepts it.
Revocation of Offer/Direct Communication
An offer may be revoked by direct communication from the offeror to the offeree.
Revocation of Offer/Indirect Communication
An offer may be revoked if the offeree indirectly receives correct information from a reliable source of the offeror’s acts that would indicate to a reasonable person that the offeror no longer wishes to make the offer.
Revocation of Offer/Irrevocable Offers
An offeror cannot revoke an option, firm offer, or offer that the offeree has detrimentally relied on.
Revocation of Offer/Option
An option means the offeree gives consideration and the offeror promises to keep the offer open.
Revocation of Offer/Firm
A firm offer means a merchant signs a writing to ensure she will keep the offer open for a reasonable time.
