30 - signed by the offeror. This offer will terminate at...

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Ways Offers Are Terminated Lapse of time o Reasonable amount of time. Rejection by offeree o Counter-offer is a rejection of initial offer. Revocation by offeror o Effect of option or firm offer o Effect of beginning performance in unilateral contract Is not acceptable Finishing performance is acceptable Death of either party Imcompetency of either party Destruction of subject matter Intervening Illegality Firm offers: An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed three months; but any such term of assurance on a form supplied by the offeree must be separately
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Unformatted text preview: signed by the offeror. This offer will terminate at noon on Saturday. I will keep this offer open until noon on Saturday o Difference between this and 1 st , its an option, and are not promising to revoke it. You have until noon Saturday to accept. Death of parties do not destroy offers w/ options. Acceptance An acceptance is the offerees consent to the terms of an offer. Mirror Image Rule If communication from offeree to offeror is to be an acceptance it must be the mirror image of the offer. (ie, if offeree indicates willingness to contract but changes in any respect the terms of the offer, the offeree has made a counteroffer, thereby rejecting and terminating the offer....
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This note was uploaded on 10/13/2008 for the course LSB 101 taught by Professor Fowler during the Fall '08 term at Oklahoma State.

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