Chapter 11 Business Law, Mallor, 13thedition

Chapter 11 Business Law, Mallor, 13thedition - 11 - 4 OFFER...

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The Agreement:  Acceptance A E T H 9 “Make your bargain before beginning to plow.” Arab proverb
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Learning Objectives v Basics of Acceptance w Intent w Communication v Special Problems 11 - 2
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v Acceptance must be by clear expression by  offeree of intent to be bound by terms of offer  and communicated to offeror w Only offeree may accept offer w If offer calls for performance, then performance is  acceptance w Offeror may specify manner of acceptance w Silence may be acceptance Requirements for Acceptance 11 - 3
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v Traditional contract law rule required acceptance  to be a  mirror image  of the offer w UCC 2–207  allows contract formation even when  there is some variance between terms of offer and  terms of the acceptance v Mailbox rule  makes acceptance effective upon  dispatch when the offeree used a manner of  communication expressly or impliedly authorized   (invited) by the offeror
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Unformatted text preview: 11 - 4 OFFER + ACCEPTANCE AGREEMENT Effect of Acceptance 11 - 5 Test Your Knowledge v True=A, False = B w Silence may never indicate acceptance w Offeror may specify manner of acceptance w O nly material variances between an offer and an alleged acceptance result in an implied rejection of the offer w UCC 2207 does not allow contract formation if there is some variance between terms of offer and terms of the acceptance 11 - 6 Test Your Knowledge v Multiple Choice w The effect of offer plus acceptance is: w (a) negligible w (b) an agreement w (c) the mirror image rule w (d) none of the above 11 - 7 Thought Questions v Do you read shrink-wrap and browse-wrap license agreements? Do you agree you should be bound by click agreements if purchasing through the internet? 11 - 8...
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Chapter 11 Business Law, Mallor, 13thedition - 11 - 4 OFFER...

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