DEFINITION unit 6

DEFINITION unit 6 - UNIT 6 DEFINITIONS BUSINESS LAW I UNIT...

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UNIT 6 DEFINITIONS BUSINESS LAW I UNIT 6 DEFINITIONS ANDREW L. FOXWORTH JR.
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UNIT 6 DEFINITIONS DEFINITION OFFER: Offer is defined as the first step in the contract formation process. An offer says, in effect." This is it- if you agree to these terms, we have a contract (Chapt 10,pg. 307). An example of this is the beginning stages of purchasing a house. The buyer makes a proposal(offer) on the sellers house. It may be being sold for $300,000 by the seller. The buyer makes an offer of $275,000. This is the beginning stages of forming a contract. Another example I found on http://www.expertlaw.com/library/business/contract_law.html states. The contract involves an offer (or more than one offer) to another party, who accepts the offer. For example, in a contract for the sale of a piano, the seller may offer the piano to the buyer for $1,000.00. The buyer's acceptance of that offer is a necessary part of creating a binding contract for the sale of the piano. DEFINITION Acceptance: Acceptance is defined as the second act of the contract. It is "a manifestation of assent to the terms [of the offer] made by the offeree in the manner invited or required by the offer." In determining if an offense accepted an offer and created a contract, a court will look for evidence of three factors: 1). the offeree intended to enter the contract,2)the offeree accepted on the terms proposed by the offeror, and 3)the
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This note was uploaded on 04/10/2011 for the course BUS L 1 taught by Professor Smith during the Fall '11 term at Post.

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DEFINITION unit 6 - UNIT 6 DEFINITIONS BUSINESS LAW I UNIT...

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