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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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 The item may be withdrawn.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. Definite and Certain Terms: Material terms must be included; those terms that tell a court how
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/31/2010 for the course ACCT 1237 taught by Professor Hillman during the Spring '10 term at Drake University .

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online