Flowchart_LW - Flowchart Bargain/BOK(a Offer Step 1 Offeror...

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Flowchart Bargain/BOK (a) Offer Step 1: Offeror, Offeree, Subject Matter, Quantity, Price, Payment Terms, Words of Promise Step 2: Objective Theory: Objective Reasonable Prudent Person could interpret words or conduct to constitute an offer (Embry ) Step 3: Subjective Theory: The meaning of the words and conduct according to the understanding of an observer who is placed in the position of the recipient of the communication. Socially situated. (Steelworkers v. US Steel ) Real answer on page 92. Step 4: Restatement § 20, Doctrine of Misunderstanding: No mutual assent if the parties attach materially different meanings to their manifestations. (Konic ) Step 5: Offer in Jest: An offer made in jest is not a valid offer (Pepsico ) Step 6: K Implied in Fact: If an express promise to pay is proved or a promise to pay can be implied from the facts, then the P is entitled to compensation. (Steffes ) (b) Acceptance Step 1: General Definition: An offeree’s assent, either by express act or by implication from conduct, to the terms of an offer, in a manner authorized or requested by the offeror, so that a binding K is formed. (Black’s Law) Step 2: Mailbox rules: If acceptance is dispatched before revocation is received, a K is formed (Case?) Step 3: Revocation: i) Ways to revoke: - Effective when received by offeror - If the offeree obtains reliable information that the offeror has taken action showing that he has changed his mind. (Dickenson v. Dodds ) - Revocability of firm offers: Revocation of a firm offer prior to expiration of the period it remained open has the same effect of revoking an ordinary offer even though the offer was to remain open. (Dickenson v. Dodds
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This note was uploaded on 04/30/2008 for the course CONTRACTS 1 taught by Professor Daicoff during the Fall '06 term at Florida Coastal School of Law.

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Flowchart_LW - Flowchart Bargain/BOK(a Offer Step 1 Offeror...

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