stonybrook-Notes on Agreement

stonybrook-Notes on Agreement - Elements of a Valid...

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Elements of a Valid Contract: Agreement o Offer o Acceptance Agreement A meeting of the minds Two parties agree to the terms of a contract o Includes an offer and acceptance Offer A promise by the offeror to perform or refrain from performing a specified act in the future Three elements required for an effective offer o Offeror (makes the offer) must have a serious intention to be bound by the offer Offers made in jest or anger (with overpowering emotion) do not meet the serious intent requirement A reasonable person in the shoes of the offeree would realize that a serious offer was not being made Expressions of Opinion Someone expressing an opinion about a situation is not considered a binding element to a contract Statements of Intention Stating an intent to do something at a later time or place Invitation to Negotiate Not evidence of serious intent to be bound Advertisements are generally considered an invitation to negotiate, and are not considered concrete offers
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When someone bids on items from an auctioneer, it is considered a willingness to sell, rather than a concrete offer o Auction with Reserve The seller may withdraw the goods he is selling at any time before a sale is closed (before the hammer falls) If there is acceptance after the hammer falls, the auction is considered closed o Auction without Reserve The goods cannot be withdrawn by the seller; they must be sold to the highest bidder o The terms of the offer must be reasonably certain and definite The offer must have terms that are reasonably definite, so that other people (including the court) know what the contract is, so it can be determined if there has been a breach
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stonybrook-Notes on Agreement - Elements of a Valid...

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