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0324303971_68726 - Under the UCC an offeree may often...

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Chapter Review 1. The parties can form a contract only if they have a meeting of the minds, which requires that they understand each other and intend to reach an agreement. 2. An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms. 3. Invitations to bargain, price quotes, and advertisements are generally not offers. A letter of intent may or may not be an offer, depending upon the exact language and whether it indicates that the parties have reached an agreement. 4. The terms of the offer must be definite, although under the UCC the parties may create a contract that has open terms. 5. An offer may be terminated by revocation, rejection, expiration, or operation of law. 6. The offeree must say or do something to accept. Silence is not acceptance. 7. The common law mirror image rule requires acceptance on precisely the same terms as the offer.
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Unformatted text preview: Under the UCC, an offeree may often create a contract even when the acceptance includes terms that are additional to or different from those in the offer. 8. Clickwrap and shrinkwrap agreements are generally enforceable. 9. If an offer demands acceptance in a particular medium or manner, the offeree must follow those requirements. If the offer does not specify a type of acceptance, the offeree may accept in any reasonable manner and medium. 10. An acceptance is generally effective upon dispatch, meaning from the moment it is out of the offeree’s control. 11. Under the doctrine of promissory estoppel, even without a contract a promise may be enforceable if the offeror knows the offeree is likely to rely, the offeree does rely, and the only way to avoid injustice is to enforce the promise....
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