Offer and acceptance Flashcards
Are oral recessions valid?
The Statute of Frauds does not require rescissions to be in writing.
What are the requirements for a land sale contract?
The Statute of Frauds requires any contract for the sale of land to be in writing. The writing must state with reasonable certainty: (i) the name of each party to the contract; (ii) the land to be conveyed; and (iii) the essential terms and conditions of the deal. The signature of the party to be charged (i.e., the party against whom enforcement is sought) must appear on the memorandum or contract.
What is an offer and acceptance?
The mutual assent necessary for a valid contract generally takes place through an offer and an acceptance. An offer is a statement or act that creates a power of acceptance. When a person makes an offer, he is indicating that he is willing to be immediately bound by the other person’s acceptance without further negotiation. An acceptance is the offeree’s manifestation of assent to the terms of the offer, made in a matter invited or required by the offer. The offeror is the master of his offer, which means he may prescribe the method by which it may be accepted. A revocation terminates the offeree’s power of acceptance IF it is communicated to him before he accepts.
A purported acceptance that is conditioned on an offeror’s assent to an additional or different term from those contained in the original offer is not a valid acceptance, but rather, a counteroffer.
