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chapter 10.docx - • Contracts are voluntary agreements...

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• Contractsare voluntary agreements between agree parties• One party makes an offer that is accepted by the other party– Without mutual assent, there is no contractAgreement• Manifestation by two or more persons of the substance of a contract– Requires mutual assent to perform current or future contractual duties• Offer: Manifestation of willingness to enter into a bargain, to justify another person in understanding that hisassent to that bargain is invited and will conclude it– Offeror: Party who makes an offer– Offeree: Party to whom an offer has been madeOffer• Requirements for an effective offer– The offeror must objectively intend to be bound by the offer– The terms of the offer must be definite or reasonably certain– The offer must be communicated to the offeree• Objective theory of contracts– Intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties• Express terms– Terms of an offer must be clear enough for the offeree to be able to decide whether to accept or reject theterms of the offer– Terms must be definite– An offer must contain the following terms:

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Term
Fall
Professor
WELSH
Tags
Offeree

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