bls 3 - Not performing an act is consideration Important:...

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If offeror rejects to new terms within a reasonable period of time A. 2-206 Deals with the Acceptance General rule: acceptance is valid when acceptance is SENT; Offeror is liable if doesn’t  receive acceptance from offeree and sells to someone else --> breach of contract  (should’ve specified that acceptance wasn’t valid unless received by a certain date/time)  (Offer valid when RECEIVED) Unless offeror specifies a means; i.e. Carrier pigeon Another general rule: Silence  isn’t  acceptance, unless otherwise specified CISG Acceptance is valid when RECEIVED Consideration – second requirement Both offeror and offeree must give consideration in order to have valid consideration Cash money, property e.g. computers, clothing, etc. An act is proper consideration; must be an act that you have a legal right to do
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Unformatted text preview: Not performing an act is consideration Important: both parties must have a benefit and a detriment 2 x 2 = 4 Doesnt matter that consideration isnt equal Benefit detriment test each side must suffer a detriment and receive benefit; doesnt have to be property or money, can be an act Change of contract under common law to change a contract, any modification must be supported by additional consideration, both sides must also agree E.g. Use my labor (service, not goods) to use Stantons shingles to put the roof on his house for $300, halfway thru I stop and want $100 more, Stanton agrees, legally eligible for only $300 Change of contract under A. 2-209 (sale of a good) Modification does not require additional consideration; simply means that...
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This note was uploaded on 12/10/2011 for the course BLS 342 taught by Professor Miller during the Fall '08 term at Miami University.

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