Chapter 10 Mutual Assent

Chapter 10 Mutual Assent - 1 Offer 1 Elements 1 Offeror...

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1. Offer 1. Elements 1. Offeror objectively intends to enter to be bound AND 2. “Material terms” must be definite or reasonably certain AND 1. parties; subject matter; consideration ; quantity (U.C.C.) 3. Communication 2. Specific Offer Rules 1. Advertisements are not Offer (more of an invitation to make an offer) 1. Exceptions – highly specific regarding the nature/number of goods/services offered and what offeree must do to accept. 2. Auctions 1. General Rule = solicitation offers 1. Exception – “without reserve” (not reserving right to remove item from auction) THEN it is an offer to enter a unilateral contract 3. Duration/Termination of Offers 1. Expiration 1. Terms of the offer OR 2. After “reasonable” amount of time 2. Revocation – offeror can revoke their offer anytime prior to acceptance 1. Revocation is effective when received by offeree 1. Exceptions – offers to general public 2. Exceptions to the General Revocation Rule 1. Option Contract - offeree pays offeror to keep offer open
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This note was uploaded on 01/19/2012 for the course BSL 212 taught by Professor Guzzi during the Spring '07 term at University of Miami.

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Chapter 10 Mutual Assent - 1 Offer 1 Elements 1 Offeror...

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