Chapter9slides - Agreement and Consideration Offer...

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Agreement and Consideration
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Offer + Acceptance Offer issues 3 sub requirements Offer reqs. Met? Offer still open? Has it terminated? expiration Acceptance Two sub requirements Acceptance reqs. Met? Written document with both signatures
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Objective intent Based don all circumstances, what would an ordinary,  reasonable person think Does offeror intend to be bound? Not if Jest Anger Exploratory questions
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Terms reasonably definite or certain Cannot be too vague OK if some details missing Ethical outcomes Examples “…for a good price” “…I’ll do some painting for you” “fair price”   too vague “kelly Blue Book”   fine
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Communicated to offeree Not effective until offeree receives Reward not due if finder did not know of reward Only the specific offeree(s) can accept
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Advertisements—Not offers Invitation to deal Contract law: no need to honor ad price …but statutes now require it Very specific ads are offers Car ads with stock numbers are offer, but for only  one car
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