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Chapter 13 Textbook Notes

by: courtneycorso

Chapter 13 Textbook Notes 70283

Marketplace > Pace University > Law and Legal Studies > 70283 > Chapter 13 Textbook Notes
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Business Law I

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Notes from Chapter 13 textbook, this chapter discusses the acceptance of contracts
Business Law I
Class Notes
LAW101, Barnett, chapter13, contracts, acceptance
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This 3 page Class Notes was uploaded by courtneycorso on Tuesday September 15, 2015. The Class Notes belongs to 70283 at Pace University taught by Barnet in Fall 2015. Since its upload, it has received 24 views. For similar materials see Business Law I in Law and Legal Studies at Pace University.


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Date Created: 09/15/15
Courtney Corso LAW 101 Chapter 13 Formation of Contracts Requirements of an Offer O er expresses the willingness of the offeror to enter into a contractual agreement regarding a particular subject Contractual Intention To make an offer the offeror must appear to intend to create a binding obligation there is no contract when a social invitation is made or when offer is made in obvious jest or excitement a Invitation to Negotiate a question of intent of the party giving the quotation b Agreement to Make a Contract at a Future Date neither party is under obligation until future contract is made Definiteness Must be definite and certain if indefinite and vague no contract will arise a Definite by Incorporation an offer and the resulting contract that by themselves may appear too indefinitequot may be made definite by another writing b Implied Terms not all of it s terms need to be expressed some omitted terms may be implied by law c Best Effortsquot Clause court is accepting of best as in means at least some effort d Divisible Contracts agreement consisting of two or more parts each calling for corresponding performances of each part by the parties e Exceptions to Definiteness when no contract in place often the indefinite term is in good faith performance or some other individual factor Law recognizes contracts I Requirements contract contract to buy all requirements of the buyer from the seller I Output contract contract of a product to sell the entire production or output to a given buyer Communication of Offer to Offeree Offer must be communicated to offeree otherwise cannot accept Must be communicated by the offeror or with the offeror s direction Termination of Offer Revocation of Offer by Offeror Ordinary offer may be resolved at any time before its accepted a What Constitutes a Revocation Any words indicating offeror s termination of offer are sufficient b Communication of Revocation Only effective when its made known to the offeree Letter is not effective until received by offeree If the offeree accepts an offer before it is effectively revoked a valid contract is created c Option contracts binding promise to keep an offer for a period of time or until a specified date d Firm Offers an offer that states that it is to be irrevocable or irrevocable for a period of time Counteroffer by Offeree Counteroffer proposal by an offeree to the offeror that changes the terms of and thus rejects the original offer 0 Not limited to offers that directly contradict the original offer Rejection of Offer by Offeree If offeree communicates rejection to the offeror offer is terminated Lapse of Time If open until a particular date offer terminates on the date that has not yet been accepted If contains limitation for acceptance an attempted acceptance after the expiration of that time has no affect and doesn t raise a contract If offer does not specify a time it will terminate after the lapse of a reasonable time Death or Disability of Either Party If offeror dies or becomes mentally incompetent before offer is accepted the offer is automatically terminated Subsequent Illegality If performance of the contracts becomes illegal after the offer is made the offer is terminated Acceptance of Offer Acceptance the assent of the offeree to the terms of the offer What Constitutes an Acceptance No particular form of words mode of expression is required Must be a clear expression that the offeree agrees to be bound by the terms of the offer Privilege of Offeree Offeree may refuse to accept an order Effect of Acceptance The acceptance of an offer creates a binding agreement or contract assuming that all the other elements of the contract are present Neither party can subsequently withdraw from or cancel the contract wo consent of the other party Nature of Acceptance Acceptance offeree s manifestation of intent to enter into a binding agreement on the terms stated in the offer May be indicated by an informal okay Who may accept Only the person to whom an offer is directed may accept it if someone else does no agreement contract with that person arises If directed to a particular class rather than one individual anyone within that class may accept it Manner and Time of Acceptance Offeror may specify the manner and time for accepting the offer When offeror specifies that there must be written acceptance oral acceptance wont be accepted If a acceptance date is sent a late acceptance has no legal effect a Silence of Acceptance Offeree s silence and failure to act can t be regarded as an acceptance b Unordered Goods and Tickets Silence of a person receiving the letter is not an acceptance and sender should recognize that none was intended With magazines in mail just because not returned does not mean that they have been accepted Communication of Acceptance 3 b C Acceptance is last step in forming bilateral contract Offeror s receipt of acceptance should be at point in time when contract is formed and terms apply Mailbox Rule a properly addressed postagepaid mailed acceptance takes effect when the acceptance is placed into control of US Postal Service Determining the Applicable Means of Communication unless otherwise indicated by offer it should be construed as inviting acceptance in any manner and by any medium reasonable under circumstances Telephone and Electronic Communication of Acceptance effective where and when dispatched Auction Sales Each bid is an offer not accepted until auctioneer indicates offer or bid is accepted A bidder may withdraw the bid at any time before accepted by auctioneer


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