ch11 - CHAPTER 11 AGREEMENT MEETING OF THE MINDS The...

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CHAPTER 11 AGREEMENT
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MEETING OF THE MINDS The parties can form a contract only if they had a meeting of the minds This requires that they Understood each other and Intended to reach an agreement
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OFFER An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms The person who makes the offer is the OFFEROR The person to whom the offer is made is the OFFEREE Two questions determine whether a statement is an offer Did the offeror intend to make a bargain? Are the terms of the offer definite
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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 Evergreen Investments, LLC v. FCL Graphics, Inc. (2003)
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OFFER 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
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OFFER Problems With Definiteness The terms of the offer must be definite Baer v. Chase (2004) Toyota or Toy Yoda (Hooters) UCC and Open Terms UCC Section 2-204(3) – Even though one or more terms are left open, a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is certain basis for giving an appropriate remedy
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This note was uploaded on 11/28/2008 for the course BA 2301 taught by Professor Mattpolze during the Fall '08 term at University of Texas at Dallas, Richardson.

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ch11 - CHAPTER 11 AGREEMENT MEETING OF THE MINDS The...

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