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Chapter_10 - Chapter10 MutualAssent Definitions...

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    Chapter 10 Mutual Assent
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    Definitions Mutual assent— Is defined as the  agreement between the parties  Offer— Definite proposal indicating a  willingness to enter into a contract.  Offeree— Whom contract is made to. Offeror— Person who makes the offer. 
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      Elements of an Offer 1. Communication 2. Intent 3. Definiteness
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    Communication Offeror must communicate offer to offeree. It must be made or authorized by offeror. Offer does not have to be in words, but by  conduct.  Conduct must be the kind a  reasonable person may infer as a proposal .  
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    Intent  This intent must be clearly objective.  Jokes normally not considered offers.  Advertisements—not offers, invitation Preliminary negotiations—willingness to  negotiate  Auction Sales—invites offers to buy
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    Definiteness  Agreement must be clear  Revocation—Generally offeror may  revoke at any time prior to acceptance,  revocation effective when received.   
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    Output and Requirement  Contracts  Output— Buy entire output of seller’s  factory for a stated period Requirements— Seller will supply  buyers requirements for a certain  period. 
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