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BSL 212 - Chapter 10

by: Cuda13

BSL 212 - Chapter 10 BSL 212

Marketplace > University of Miami > Business > BSL 212 > BSL 212 Chapter 10
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About this Document

All of chapter 10 notes.... covers mutual assent, intent, donation and termination, and more
Intro to Business Law
Shannon Derouselle
Class Notes
business, Law, business law, intro to business law, chapter 10, mutual assent, intent




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This 2 page Class Notes was uploaded by Cuda13 on Sunday January 17, 2016. The Class Notes belongs to BSL 212 at University of Miami taught by Shannon Derouselle in Fall 2014. Since its upload, it has received 73 views. For similar materials see Intro to Business Law in Business at University of Miami.

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Date Created: 01/17/16
CHAPTER 10 Quiz #1: • Format to answer o I à Intro o R à o A à Analysis o C à Conclusion Chapter 10 – Mutual Assent • Offer: definite undertaking of a person willing to enter into a contract o Offeror o Offeree • Requirements: o Intent à Desire to cause the consequence of an act or knowledge that the consequence are substantially certain to result from the act § Tries to determine objectively “reasonable person’s view” (disinterested) ú “Problem areas”: • Preliminary negotiation • Auctions • Solicitation of offers • Advertisements o Definiteness à A contract must have reasonably definite terms so that a court can determine if a breach has occurred and can five an appropriate remedy § An offer may invite an acceptance to be worded in specific terms so that the contract is made definite. § Courts may supply a missing term when the parties have clearly manifested an intent to form a contract, but they will not do so if the parties’ expression of intent is too vague or uncertain. ú Material (really really important) • The parties • The subject mater • The price • The quantity • They quality • The time of performance/delivery o Communication à must be communicated to the offeree • Donation/termination o Acceptance à manifestation of a sent to the terms of the offer, made by the offeree, in manner invited by the offer § Requirements ú Intent ú Unequivocal acceptance of all terms • Mirror image rule ú Communication • Effective moment of acceptance o General rule o Mailbox rule § Whatever is effective, (whatever is first) is what stands § Types of acceptances: ú Conditional/ Qualified Acceptance • occurs when a person to whom an offer has been made tells the offeror that he or she is willing to agree to the offer provided that some changes are made in its terms or that some condition or event occurs. ú Express Acceptance • occurs when a person clearly and explicitly agrees to an offer or agrees to pay a draft that is presented for payment. ú Implied Accpetance • is one that is not directly stated but is demonstrated by any acts indicating a person's assent to the proposed bargain. o Lapse of time à time permitting acceptance of offer o Rejection à nothing formal; let time expire or write a formal letter (rejection is accepted once received) o Counter offer à rejection of first offer; treated as a rejection and a new offer o Death or incompetence à either the offeror or offeree is deemed either then the contract is terminated o Subsequent illegality à the offer terminates o Destruction of subject matter o Revocation & exceptions • Option contract à requires consideration • Firm offer à like option contract; no consideration is required/ made in writing, assurance that the offer will remain open • Merchant: o a person who is a dealer in a given type of goods, OR a person, because of their profession, holds that they have particular knowledge or skill, OR hires someone who claims the above


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