CHAPTER 10

CHAPTER 10 - CHAPTER SUMMARY OFFER Essentials of an Offer...

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CHAPTER SUMMARY OFFER Essentials of an Offer Definition indication of willingness to enter into a contract Communication offeree must have knowledge of the offer and the offer must be made by the offeror to the offeree Intent determined by an objective standard of what a reasonable offeree would have believed Definiteness offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy Duration of Offers Lapse of Time offer remains open for the time period specified or, if no time is stated, for a reasonable period of time Revocation generally, an offer may be terminated at any time before it is accepted, subject to the following exceptions Option Contract contract that binds offeror to keep an offer open for a specified time Mann CH 10- 1
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Firm Offer a merchant’s irrevocable offer to sell or buy goods in a signed writing ensures that the offer will not be terminated for up to three months Statutory Irrevocability offer made irrevocable by
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CHAPTER 10 - CHAPTER SUMMARY OFFER Essentials of an Offer...

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