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CHAPTER 11 - Commercial Law Chapter 11 CHAPTER 11...

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Commercial Law Chapter 11 CHAPTER 11 AGREEMENT (MUTUAL ASSENT) I. Requirements of the Offer A. Elements necessary for an Offer to be effective: 1. Offeror has serious intent to become bound by the offer 2. Terms of the contract are definite and complete 3. Offer communicated to offeree, resulting in offeree’s knowledge of the offer B. Serious Intention 1. Serious intention adheres to the principle of objective theory of contracts (ch. 10) and not by subjective intentions 2. Offer made in obvious anger or excitement do NOT meet the intent test 3. Concept of intentions, that are NOT offers: a. Expression of opinion b. Statement of future intent c. Preliminary negotiations d. Agreement to agree e. Advertisements f. Auctions C. Definiteness of Terms 1. The identification of the parties 2. The identification of the object or subject matter of the contract, including the work to b performed, with specific identification of such items as goods, services, and land 3. The consideration to be paid 4. The time of payment, delivery, or performance D. Communication 1. Not knowing cannot be enforceable J. Duong 1
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Commercial Law Chapter 11 2. Ex: Finding lost dog, without knowing the reward. Law, finder cannot recover the
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