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COMMON LAW CONTRACTS U.C.C. SALES OFFER: OPTION CONTRACT: FIRM OFFERS: ACCEPTANCE: STATUTE OF FRAUDS: ASSENT: MODIFICATIONS: STATUTE OF LIMITATIONS: Must be certain and definite; essential terms are price, parties, time and subject matter. One or more of the terms may be left open; test is whether the parties intended to contract. Under the common law an offeror is not required to hold an offer open, may be revoked at any time until acceptance, with the exception of option contracts, which are supported by separate consideration. A written offer by a merchant is binding on the merchant - offeror -- may not last more than 90 days Must conform to all the terms of the offer, must be unconditional. An acceptance containing additional terms is valid (does not necessarily constitute a counter-offer). If between merchants, non-material additional terms become part of the contract unless offer precludes this or offeror objects in a timely manner.
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This note was uploaded on 10/04/2011 for the course BUL 5332 taught by Professor Klintworth,n during the Fall '08 term at University of Central Florida.

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