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Chapter 11 study questions

Chapter 11 study questions - 4 How can an offer terminate...

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Chapter 11 S TUDY Q UESTIONS 1) In the context of an offer, how is intent and its seriousness determined? Courts generally adhere to the objective theory of contracts; a party’s words and actions are considered. i) Why must a contract have “reasonably definite terms” and how “definite” must the terms be? So that a court can determine if a breach of the contract has occurred and can provide an appropriate remedy ii) Why must the offer be communicated to the offeree? One cannot agree to a bargain without knowing of its existence 2) How is an offer terminated by the parties? An offer can be terminated by action of the parties by revocation, by rejection, or by counteroffer. 3) What situations limit an offeror’s right to revoke? If the offer is irrevocable: option contract, real estate option contract, detrimental reliance and promissory estoppel
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Unformatted text preview: 4) How can an offer terminate by operation of law? By any of the following events: lapse of time; destruction of the specific subject matter of the offer; death or incompetence of the offeror or offeree; or supervening illegality of the proposed contract 5) Who may accept an offer? The offeree may accept an offer. 6) What is unequivocal acceptance? The acceptance must not be subjected to new conditions. 7) In what contractual situations must acceptance be communicated? In a bilateral contract 8) In situations requiring the communication of acceptance, when and how must acceptance be communicated? Acceptance in bilateral contracts must be timely. Acceptance takes effect at the time the offeree sends or delivers the communication via the mode expressly authorized the offeror....
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