Chapter 10.Business Law, Mallor, 13thedition

Chapter 10.Business Law, Mallor, 13thedition - CHAPTER...

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The Agreement:  Offer A E T H 1 0 “There is nothing more likely to start disagreement among people or countries than an agreement.” E.B. White
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Learning Objectives v Requirements for an offer w Intent w Definiteness of Terms v Special Problems v Termination of an offer 10 - 2
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v An  offer  is a promise conditional on an act, return  promise, or forbearance (refraining from doing  something)   v Parties to a contract must have  intent  to enter  binding agreement, terms must be  definite , and  the offer must be  communicated  to the offeree Requirements for an Offer 10 - 3
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v Courts use the  objective theory  of contracts to  determine  intent : w Would a reasonable person judge the offeror’s words  and acts in the context of the circumstances to signify  intent? v Definiteness  requires that the offer cannot be  vague about major points  w Price, quantity, delivery, and time for payment term  left open may be filled by inserting presumptions in  Details 10 - 4
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Chapter 10.Business Law, Mallor, 13thedition - CHAPTER...

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