Chapter 10 notes

Chapter 10 notes - Chapter 10 Essentials of an Offer...

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Chapter 10 Essentials of an Offer Offer-indication of willingness to enter into a contract Communication- offeree must have knowledge of the offer and the offer must be made by to offeror to the offeree Intent- determined by an objective standard of what a reasonable oferee would have believed Definiteness- offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy Duration of Offers Lapse of time- offer remains open for the time period specified if no time is stated for a reasonable period of time Revocation- generally, an offer may be terminated at any time before it is accepted, subject to the following exceptions: o Option contract- contract that binds offeror to keep an offer open by a specified term o Firm offer- a merchant’s irrevocable offer to sell or buy goods in a signed writing ensures that the offer will be not terminated for up to 3 months o Irrevocable offer of unilateral contract- a unilateral offer may not be revoked for a
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This note was uploaded on 04/26/2011 for the course BLW 201 taught by Professor Devience during the Spring '11 term at DePaul.

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Chapter 10 notes - Chapter 10 Essentials of an Offer...

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