Ch.11Lecture - AGREEMENT Agreement: A meeting of two or...

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Ch. 11: Contracts: Agreement - No. 1 Clarkson et al.’s Business Law (11th ed.) AGREEMENT Agreement: A meeting of two or more minds in regard to the terms of a contract, through offer and acceptance . Offer: A promise or commitment to perform or refrain from performing some specified future act made by the offeror. The offeror must seriously, and objectively, intend to perform or refrain as offered. The terms of the offer must be reasonably certain or definite . The offeror must communicate the offer to the offeree. Acceptance: A voluntary act by the offeree – either in the form of words or of conduct – which indicates agreement to the terms of the offer. The acceptance must be unequivocal and must be communicated to the offeror. A third party, other than an agent acting on behalf of the offeree, generally cannot substitute itself for the offeree and accept the offer.
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Ch. 11: Contracts: Agreement - No. 2 Clarkson et al.’s Business Law (11th ed.) INTENT TO OFFER A variety of common statements related to business transactions are not offers, including: expressions of opinion ; statements of intention ; preliminary negotiations ; agreements to agree to one or more material contract terms or conditions at some later day; and auctions and other invitations to bid, negotiate, or contract, including most forms of advertisement .
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Ch. 11: Contracts: Agreement - No. 3 Clarkson et al.’s Business Law (11th ed.) DEFINITENESS Generally, an offer must include the following terms, either expressed in the contract or capable of being reasonably inferred from it: (1) the identity of the parties to the offer; (2) the identity of the object or subject matter of the offer, including, e.g. , quantity of goods, work to be performed, specific identity of unique goods, etc.; (3) the consideration to be paid; and (4) the time of payment, delivery, or performance. An offer may invite an acceptance to be worded in such
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Ch.11Lecture - AGREEMENT Agreement: A meeting of two or...

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