Promise; Offer

Question 1

What is an offer?

Answer 1

A manifestation of willingness to enter into a bargain made so as to justify another in understanding that their assent is invited and will conclude it

Question 2

What is a promise?

Answer 2

A manifestation of intention to act or refrain in a specified way to justify a promise in understanding that a commitment has been made

Question 3

When an offer is rejected

Answer 3

It’s taken off the table. An offeree cannot later come back and trying to accept a previously rejected offer

Question 4

What makes an offer?

Answer 4

1. Bids
2. Rewards
3. Promissory words
4. Response to inquiry
5. Specific to the quantity, quality and price

Question 5

Rewards

Answer 5

Can be an offer; an offer looking into a unilateral contract

Question 6

What does not make an offer?

Answer 6

1. Estimates
2. Ads - offers to negotiate
3. Price listings in catalogs
4. No intention for legal consequences
5. Quotes

Question 7

Opinions/predictions

Answer 7

Expressions of opinions or predictions impose no contractual liability upon D

Question 8

Bids

Answer 8

Are generally considered offers

Asking for a bid and someone says i can do it for 10,000, then that is the offer

Question 9

Advertisements

Answer 9

Almost never an offer; an invitation to negotiate

Does not constitute an offer unless the advertisement is clear, definite and explicit, and leaves no room for negotiation and has expressed promissory language

Question 10

General Contractors and Sub-Contractors

Answer 10

When a contractor’s bid relies on the subcontractor’s estimate

General contractors must formulate a quote for a job before inputting their bid and they base their price on the bids given to them in advance by subcontractors. It is for this reason that subcontractors have a special relationship with general contractors, and this makes them more committed to the offers they make