Applied Business Law Chapter 11 Outline

Applied Business Law Chapter 11 Outline - Applied Business...

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Applied Business Law Chapter 11 Outline Chapter 11- Agreement - comes into when there is an offer and acceptance I. Offer- a. Requirements i. Serious intention to be bound- (we’re you serious when said it?) 1. Not offers: a. Statements of opinion or future intent ex) a lawyer or doctors opinions b. Preliminary negotiations or agreements (letters of intent- like a contract to make a contract, keeps escape clauses) binding to extent that one bargains in the intent of good faith c. Advertisements-most of the time it is not an offer but can be depending on: i. Reaching limited local market, very specific, small targeted number with limited time, limited inventory, would be unilateral and it is force able. d. Statements made out of anger, comedy e. (don’t need to know about auction) ii. Definiteness of (material) terms- terms of the offer must be reasonably certain, or 1. 2. If court has to guess then it is not good
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Applied Business Law Chapter 11 Outline - Applied Business...

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