7 - GENB 4350 _ Week 7 Contracts 1 1 Reminders 1. WC...

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1 GENB 4350 _______________________ Week 7 Contracts 1
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2 Reminders 1. WC meetings for students whose last name starts with I-P are 3/3-3/13. Start signing up now. a) See syllabus – where to go, what to bring to meeting, etc. 1. Watch ALL online lectures (as important as in-class lectures) 1. Practice quizzes are a great way to test your understanding of the materials. 1. Extra credit opportunity at end of class today.
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3 0% 10% 20% 30% 40% 50% 60% 90-100 80-89 70-79 69 and below Exam 1 results Includes 4 point curve
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4
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5 Our focus today
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Offers 1. Intent to create an enforceable obligation 1. Definite and certain 1. Proper communication
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Examples Ann says to Brent, “I am so sick of this car! I’ll sell it to anyone who will take it off my hands for $100!” Brent replies, “I’ll take it, here is the cash.”
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Offers (special rules) 1. Bids and estimates 1. Advertising 1. Offers for rewards
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Examples ABC Company sends a letter to various plumbing companies for bids on the work for expanding their building. A+ Plumbing responds by saying they will do the job for $10,000. ABC Company places an ad in the newspaper that reads “Best prices in town! Shop this weekend!” ABC Company places an ad in the newspaper that reads “All inventory is 50% off this Thursday for the first 100 customers!”
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Acceptances 1. Intent to accept 1. Proper terms (unconditional) A. Terms stated in the contract B. Counteroffers 1. Proper communication
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Acceptances (special rules) 1. Silence is not an acceptance 1. Timing of acceptance A. If offer requires time – master of your own offer B. Effective when sent postal system – mailbox rule C. Effective when received – phone, fax
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Acceptances (special rules) 1. How offers terminate (end) A. Lapse of time B. Revocation (take it back) C. Rejection (could be caused by counteroffer)
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Examples Ann asks Brent if he wants to purchase her car. Brent replies, “yes, how much?” Ann says “$10,000.” Brent says “sounds good, I’ll take it.” Ann says to Brent, “if I don’t hear from you by 5PM, I’ll assume we have a contract for the sale of my car.” Ann asks Brent if he wants to purchase her car for $10,000. Brent says, “I’ll buy it for $8,000.” Ann asks Brent if he wants to purchase her car for $10,000. Brent replies 4 weeks later, “Yes!”
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Examples Ann asks Brent if he wants to purchase her car. Brent replies, “let me think about it for a few days.” Before Brent can reply to Ann, she calls him to say “sorry, I changed my mind.” Ann sends Brent a letter in the mail that says, “I’ll sell you my car for $10,000.” Brent mails Ann a response that says, “I accept.” Ann sends Brent a letter in the mail that says, “I’ll sell you my car for $10,000.” Brent faxes Ann a response that says, “I accept.” Ann changes her mind before she receives the fax.
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Mutual agreement 1. Fraud (vs. puffing) A. Intentional (knowing or reckless disregard) B. Misstatement or omission material fact C. Reliance by party D. Harm 1. Misrepresentation A. Not intentional B. Same as 2-4 above
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This note was uploaded on 04/23/2010 for the course FINA 8645 taught by Professor Smith during the Spring '10 term at Rensselaer Polytechnic Institute.

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7 - GENB 4350 _ Week 7 Contracts 1 1 Reminders 1. WC...

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