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The Agreement - The Agreement 1 OFFER a Definite Proposal...

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The Agreement 1.) OFFER a. Definite Proposal or Promise communicated to an Offeree expressing a present willingness to become obligated b. Offers may be terminated by: i. Lapse of time ii. Revocation – any time prior to acceptance unless irrevocable by: 1. Firm offer UCC 2. Option Contracts a. Contract to keep an offer open for a certain amount of time. E.g. Wait until money become available. 3. Detrimental Reliance a. Occurs during a unilateral offer. Must give a reasonable time to act. b. If someone relies on an offer, you can’t revoke the offer. 4. Revocation is effective upon receipt iii. Rejection – where offeree is NOT willing to be bound by the terms an offer. E.g. By adding additions, changes or conditions to the offer. May be a counter offer. Rejection effective upon receipt. 1. Unless the offer is exactly the same by the offeree, the offer is rejected. If there are extra terms added by the offeree, it’s considered rejection and counter-offer. iv. By operation of law 1.
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