Business Law October 5.docx

Business Law October 5.docx - Business Law October 5...

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Business Law October 5 Agreement=offer and acceptance -Parties must show mutual assent to terms of contract -Once an agreement is reached, if the other elements of a contract are present, a valid contract is formed Agreement: Offer -Offer a promise or commitment to do or refrain from doing some specified action in the future -Offeror makes the offer -Offeree- one to whom Requirements of the offer -Offeror’s Serious Intention -Certainty of Terms -Communication to Offeree Offeror’s serious Intention -Contract is judged by what a reasonable person in the Offeree’s position would conclude about the offer -Case 12.1 Lucy v. Zehmer -Where intent may be Lacking: -Expressions of opinion: not offers -Statements of Future Intent: not offers -Primary Negotiations, or Invitations to Negotiate: not offers -Advertisements: no offers (invitations to negotiate) -Certainty of Terms -Identification of the parties -subject matter of the contract -consideration to be paid -Time of delivery, payment, performance -Certainty of Terms
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