Offer

Question 1

“Offer”?

Answer 1

• restate 24: a manifestation of willingness to be entered into a bargain (promise)

Question 2

Mutual Assent

Answer 2

• it a reasonable person would understand an oral promise to be an agreement, it is a valid contract, regardless of intent

Question 3

Intention to be bound

Answer 3

• Restate 26: an indication of willingness to enter into a bargain is NOT an offer

Question 4

Advertisements

Answer 4

• is NOT an offer, but an invitation to the public to come and purchase
• exceptions: Lefowitz - if circumstances indicate an intention to make a bargain, and the ad invites a specific action without further communication

Question 5

Termination - How To

Answer 5

• Restate 36: rejection or counter-offer, or lapse of time, or revocation of the offer, or death/incapacity

Question 6

Termination - Lapse of Time

Answer 6

• Restate 41: reasonable amount of time is a question of fact
• is it otherwise indicated by others language

Question 7

Rejection

Answer 7

• Restate 38: rejection of an offer terminates the contract

- Restate 39: counter-offers