Business Law Ch 11 (Unit 2) flashcards | Quizlet - Business...

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11/14/14 10:31 PM Business Law Ch 11 (Unit 2) flashcards | Quizlet Page 1 of 6 Ready to study? Start with Flashcards Business Law Ch 11 (Unit 2) 20 terms by taryngabbert Meeting of the minds parties can form a contract only if they had a ____ __ ___ _____ requires that they understood eachother and intended to reach an agreement offer An _____ is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms offeror The person who makes the offer is the offeree The person to whom the offer is made is the Two questions determine whether a statement is an offer Did the offeror intend to make a bargain? Are the terms of the offer definite
11/14/14 10:31 PM Business Law Ch 11 (Unit 2) flashcards | Quizlet Page 2 of 6 (offer) Problems with Intent -Invitations to Bargain Not an offer -Price Quotes Generally not an offer -Letters of Intent May sometimes be treated as contracts Cochran v. Norkunas (2007) -Advertisements Generally not an offer An advertisement is merely a request for offers There are consumer protection statutes Leonard v. Pepsico, Inc. (1999) -Auctions Placing an item up for auction is not an offer, it is merely a request for an offer The bids are the offers If and when the hammer falls, the auctioneer has accepted the offer With reserve - Item for sale has a minimum price Without reserve - No minimum sales price offer (problems with definiteness) The terms of the offer must be definite Baer v. Chase (2004) Toyota or Toy Yoda (Hooters)
11/14/14 10:31 PM Business Law Ch 11 (Unit 2) flashcards | Quizlet Page 3 of 6 offer (UCC and Open Terms)

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