Business Law.docx - Running head BUSINESS LAW 1 Business Law Student’s Name Institutional Affiliation BUSINESS LAW 2 Acme Equipment Offer to Big

Business Law.docx - Running head BUSINESS LAW 1 Business...

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Running head: BUSINESS LAW 1 Business Law Student’s Name Institutional Affiliation
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BUSINESS LAW 2 Acme Equipment Offer to Big Bagels Incorporation A valid offer is an expression of the desire to get into a contract that is beneficial to both parties that engage in a contract. A valid offer is characterized by three elements. They include communication, definite terms, and commitment. The party making the offer needs to communicate to the party accepting the offer so that they may choose whether to accept the offer or not (Peel, and Treitel 2007). This can be done through writing or orally. With regards to commitment, the party receiving the offer need to analyze how they are bound by the offer. Getting into a contract means that both parties are going to do something such a deliver or pay for goods delivered. Therefore, it is important to understand the conditions in which each party will play towards actualizing the contract and also avoid legal issues. Additionally, the offer must also be characterized by specific terms such as price or the deadline the offer is being offered, among others (Peel, and Treitel 2007). This helps define and the manner in which the contract will be actualized. Failure to include the terms and conditions would allow parties to act at their liberty and might compromise the contract. From what we have in the contract, the offer was not valid. Despite Acme equipment communicating to Big Bagels about the offer and stated the expiry date, there was no commitment, thus invalid. However, despite lacking the commitment, the contract should not be
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  • Fall '15
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