THE AGREEMENT: OFFER
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Understanding Contracts: An In-depth Look at Offers, Intention, and Definiteness, Slides of Commercial Law
A comprehensive overview of contracts, focusing on offers, their requirements, and the importance of intention and definiteness in creating a valid agreement. Topics covered include the definition of an offer, parties involved, learning objectives, offer requirements, and the objective theory of contracts. Additionally, the document discusses termination of offers and special cases such as advertisements and auctions.
Typology: Slides
2012/2013
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THE AGREEMENT: OFFER
CONTRACT LAW
- Introduction to
Contracts
- The Agreement: Offer
- The Agreement:
Acceptance
- Consideration
- Reality of Consent
- Capacity to Contract
- Illegality
- Writing
- Rights of Third Parties
- Performance & Remedies
PARTIES TO A CONTRACT
• OFFER OR = MAKES
THE OFFER
• OFFER EE = RECEIVES
THE OFFER
OFFER ACCEPTANCE
Learning Objectives
• Requirements for an offer
• Special Problems
• Termination of an offer
10 - 5 Docsity.com
Courts use the objective theory of contracts:
Would a reasonable person judge the offeror’s
words and acts in the context of the circumstances
to signify intent?
Lucy v. Zehmer
NOT: obviously joking, haggling, equivocating
INTENT
10 - 7 Docsity.com
DEFINITENESS OF TERMS
COMMON LAW
• I.E. PARTIES, PRICE,
SUBJECT MATTER,
QUANTITY, TIME OF
PERFORMANCE
• POLICY: ID BREACH AND
GIVE REMEDY
• ARMSTRONG V. ROHM &
HAAS CO.
UCC
• OPEN TERMS OKAY
• GAP FILLING RULES
• POLICY: REASONABLY
CERTAIN BASIS TO
PROVIDE A REMEDY
- Advertisements offering rewards for lost
property, information, or capture of
criminals are treated as offers for unilateral
contracts
- Sellers at auctions and advertisements for
bids are generally treated as making an
invitation to offer, so those who bid are
making an offer that the seller may accept
or reject
Rewards, Auctions, and Bids
TERMINATION OF THE OFFER
ACTION OF THE PARTIES
- REVOCATION = any time before acceptance, except :
- Option Contract
- Unilateral Contract and offeree begins performance
- Promissory Estoppel
- Firm Offer by merchant for the sale of goods in a signed writing (UCC)
- REJECTION Smith v. Murrell
- COUNTEROFFER
OPERATION OF LAW
- LAPSE OF TIME
- DEATH OR INSANITY OF EITHER PARTY
- DESTRUCTION OF THE SUBJECT MATTER
- INTERVENING ILLEGALITY