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BLAW - Chapter 14 - Alex Fish BLAW Chapter 14 Elements of...

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Alex Fish BLAW – Chapter 14 Elements of the Offer Intent: The offerer must manifest intent to be bound by the offeree’s acceptance. This means if a reasonable person would think the offer is legitimate, the offer is in place. o Preliminary Negotiations: An invitation to negotiate or an expression of possible interest in an exchange is not an offer. Invitations to make offers are not offers in themselves o Advertisements: Advertisements are generally invitations to customers to make offers for a specific price. However, if the wording of the ad intends to make an offer, the courts treat it as an offer. Such a circumstance includes limited quantity. o To avoid “bait and switch”, many states have laws that require ads to either specify a limited quantity or that the retailer will give out rain checks to customers o Auctions: by default, auctions are considered to be with reserve, meaning the seller is willing to hear what offers buyers will give. The item may be withdrawn. An auction without reserve must sell items to the highest bidder, these auctions are very rare.
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