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22download_doc-10.php - L 293 (2/23/2009) CONTRACT OFFERS...

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L293 (2/23/2009) CONTRACT OFFERS Where does the offer fit in? o Agreement (2) consideration (3) genuine assent (4) competent parties (5) legal (6) in writing if required The Agreement o (1)Offer o (2) Acceptance OFFER o What is an offer? A promise conditional on an act, return promise, or forbearance THREE REQUIREMENTS o Intent to enter binding agreement o Definite terms o Offer must be communicated to the offeree Offer Requirement #1: Intent o Present intent to contract The intent to meet the contract obligation upon acceptance o Courts use the objective theory of contracts: Would a reasonable person judge the offeror’s words and acts in the context of the circumstances to signify intent? Offer Requirement #2: Definiteness o Offer cannot be vague about major points o Example: “I’ll paint your house until I’m tired” is vague, but “I’ll finish painting your house in three days” is definite Armstrong v. Rohm and Haas o Definiteness Is the statement “We would like to” give you “all our outsourced work” definite enough? What do you think? o “The law will refuse to enforce a simple and direct promise if it is unduly vague…but insist on enforcing boilerplate contract language that neither party even read or understood. Of course, a person of principle and character would keep his word; but if his word is sufficiently imprecise, the law will not force him to do so. Problem Case
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This note was uploaded on 04/18/2011 for the course BUS 293 taught by Professor Brown during the Winter '09 term at Indiana.

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22download_doc-10.php - L 293 (2/23/2009) CONTRACT OFFERS...

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