Business Law October 17.docx

Business Law October 17.docx - Business Law October...

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Business Law October 17 -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 -Termination by action of parties -by revocation -by rejection -or by counteroffer -Revocation of the offer by the offeror: -offer can be drawn anytime before offeree accepts the offer. -effective when the offeree receives it. -Rejection of the offer by the Offeree: -Rejection by the Offeree (expressed or implied) terminates the offer. -Effective only when it is received by the Offeror Acceptance is the: -Voluntary act (expressed or implied), -by the Offeree that, -shows assent (agreement) -to the terms of an offer -The “Mirror Image” Rule -Silence as Acceptance -General rule: silence cannot be used as acceptance -exceptions: Both parties agree and when the offeree has the duty to speak: -He takes benefits of services with opportunity to reject.
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