Quiz 2 Flashcards
Offer (simple definition)
what a reasonable person under the circumstances would understand as an opportunity to create acceptance
Offer (CISG definition)
proposal adressed to one or more specific parties is an an offer if:
- it is sufficiently definite, and
- it indicates the intent of the offeror to be bound in case of acceptance
A proposal is sufficiently definite if:
- it indicates the goods, and
- expresses the quantity and price (or makes provision for determining quantity and price)
An Advertisement may be considered an offer if:
1) the seller, in clear and positive terms, promises to exchange something for performance, and
2) the offeree has reason to believe that performance of the request would form a contract
an offer gives the offeree:
the power to complete manifestation of assent by acceptance
a contract cannot be created after…
the power of acceptance has been terminated
direct revocation
an affirmative statement from the offeror to the offeree expressly withdrawing the offer
revocation occurs when:
the offeree receives from the offeror a manifestation of intention not to enter into the proposed contract (thereby terminating the offeree’s power of acceptance
indirect revocation
occurs when the offeror takes definite action inconsistent with an intent to enter into the propose transaction, and the offeree acquires reliable information to that effect
Lapse
power of acceptance is terminated at the time specified in the contract or at the end of a reasonable time if no time is specified
Where parties begin face to face or over the telephone…
the time for acceptance does not ordinarily extend beyond the end of the conversation
mailbox rule
an acceptance is effected at the time it is dispatched/posted
Does not apply to option contracts
not consistent with objective theory
express rejection occurs when:
the offeree directly rejects the offer
counter-offer
an implied rejection of the original offer
why ads are not normally considered offers:
- they’re not aimed at anyone specifically
- # of offerees is not limited
- identity of offerees is not specified
