Offer Flashcards
Was offer terminated?
Firm Offer
An offer cannot be revoked for up to three (3) months if:
1) Offer to buy or sell good,
2) signed, written promise to keep offer open
3) Party is a merchant (offeror)
Termination of Offer
Battle of Forms
1) Between Merchants
2) Additional Terms not Material (No significant effect on whole deal)
3) The additional terms i not objected to by original offer
4) offer limits acceptance to the terms of the offer.
Termination of Offer
Reliance
An off cannot be revoked if:
1) Reliance that is
2) Reasonably foreseeable, and
3) Detrimental
Termination of Offer
Unilateral Contract
The start of performance pursuant to an offer to enter into a unilateral contract may offer irrevocable for a reasonable time to complete performance.
- No Mere Preparation.
Offer
Manifestation of an intention of a person to contract- words or conduct showing commitment by the person.
I a commitment communicated to an identified offeree containing definite terms.
Whether a reasonable person in the position of the offeree would believe that his/her assent creates a contract.
Indirect Rejection
Counteroffer
Terminates the offer and creates a new offer
- Mere inquiry is not a counteroffer (would a person reasonably believe that it was a rejection?)
- Counteroffer during option, does not terminate
- Conditional acceptance is a counteroffer (CL) Rejection (UCC)
Offer
Output Contract
Requirement or output contract are not vague or ambiguous and are valid.
Increase in Requirement:
- Buyer can increase requirement so long as the increase is in line with prior demand.
- no unreasonable disproportionate limitation.
Offer
Advertisement
General Rule:
* Advertisement and price quotation is not an offer, just an invitation of an offer.
Exception:
1) If nature of a reward
2) Expressly specifies QUANTITY and WHO can accept
3) price QUOTATION can be offer in response to INQUIRY
