Offer Flashcards
1
Q
Under common law an offer
A
must be definite and certain as to what will be agreed upon in the contract
2
Q
Essential terms of a contract include
A
1) Parties involved
2) price
3) Time for performance
4) subject matter
3
Q
Advertisements
A
are invitations to make an offer NOT an actual offer
4
Q
An offerer
A
may revoke an offer prior to acceptance by the offeree
5
Q
Revocation
A
1) is effective when received by the offeree or
2) offeror sold subject matter of the offer
6
Q
Counteroffer
A
is a Rejection plus a new offer
7
Q
Ambiguity
A
is not grounds to have an offer terminated
8
Q
When is an offer automatically terminated?
A
1) Death or insanity by offeror or offeree
2) bankruptcy or insolvency by offeror or offeree
3) destruction of subject matter
