BL-Chapt11 - Print Chapter Page 1 of 20 Agreement Chapter...

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Agreement Chapter Introduction 11-1 Requirements of the Offer 11-1a Intention 11-1b Definiteness of Terms 11-1c Communication 11-2 Termination of the Offer 11-2a Termination by Action of the Parties 11-2b Termination by Operation of Law 11-3 Acceptance 11-3a Unequivocal Acceptance 11-3b Silence as Acceptance 11-3c Communication of Acceptance 11-3d Mode and Timeliness of Acceptance 11-4 Technology and Acceptance Rules Chapter Recap Page 1 of 20 Print Chapter 2010-8-30 ..
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Chapter Introduction An essential element for contract formation is agreement –the parties must agree on the terms of the contract and manifest to each other their mutual assent (agreement) to the same bargain. Ordinarily, agreement is evidenced by two events: an offer and an acceptance . One party offers a certain bargain to another party, who then accepts that bargain. The agreement does not necessarily have to be in writing. Both parties, however, must manifest their assent to the same bargain. Once an agreement is reached, if the other elements of a contract are present (consideration, capacity, and legality–discussed in subsequent chapters), a valid contract is formed, generally creating enforceable rights and duties between the parties. Note that not all agreements are contracts. John and Kevin may agree to play golf on a certain day, but a court would not hold that their agreement is an enforceable contract. A contractual agreement arises only when the terms of the agreement impose legally enforceable obligations on the parties. In today's world, contracts are frequently formed via the Internet. For a discussion of online offers and acceptances, see Chapter 19, which is devoted entirely to the subject of electronic contracts, or e-contracts. Page 2 of 20 Print Chapter 2010-8-30 ..
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11-1 11-1a Requirements of the Offer Intention Case 11.1: Lucy v. Zehmer Supreme Court of Appeals of Virginia, 1954. 196 Va. 493, 84 S.E.2d 516. IN THE LANGUAGE OF THE COURT BUCHANAN , J. [Justice] delivered the opinion of the court. * * * * As mentioned in Chapter 10, the parties to a contract are the offeror , the one who makes an offer or proposal to another party, and the offeree , the one to whom the offer or proposal is made. An offer is a promise or commitment to do or refrain from doing some specified thing in the future. Under the common law, three elements are necessary for an offer to be effective: The offeror must have a serious intention to become bound by the offer. 1. The terms of the offer must be reasonably certain, or definite, so that the parties and the court can ascertain the terms of the contract. 2.
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BL-Chapt11 - Print Chapter Page 1 of 20 Agreement Chapter...

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