Week 3 Contracts - Contract Week 3 Termination of the Power...

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Contract Week 3 Termination of the Power to Accept Ways to terminate: 1) Rejection or counter-offer by the offeree 2) Lapse of time 3) Revocation by the offeror 4) Death or incapacity of the offeror Death or Incapacity Offeree’s power to accept an offer terminates upon the death or incapacity of the offeror. - Bilateral contracts o 2 ways to make it irrevocable 1) Under the U.C.C. Article 2, by making a “firm offer” Option Contracts For example, buyer’s buying time. Still need mutual assent and consideration. However consideration is more lenient o Ex. Courts generally conclude that there is no consideration if amount stated is $1 or less, but for options, courts have accepted $1. - Unilateral contracts o Has to be started within a reasonable time, and the offeree has to start with the assumption the offer is going to go through, then it is irrevocable. Petterson v. Pattberg John owned land in Brooklyn (the complainer). Defendant (bad guy) owned the bond signed by petterson. Defendant got a 3 rd mortgage on the land for $5,450. Had to pay $250 for every 3 months (4 times a year). Defendant then wrote:
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This note was uploaded on 12/20/2011 for the course CONTRACTS 111 taught by Professor Dellinger during the Fall '11 term at Western State Colorado University .

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Week 3 Contracts - Contract Week 3 Termination of the Power...

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