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10_7_10_notes - Counter offer – if you offer to sell your...

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10/7/10 BLAW 3391 Cases 11-2 & 11-4 Elements of a Contract : 1. Agreement 2. Consideration 3. Legal bargains 4. Contractual capacity Offer : 1. Intent to be bound 2. Definite terms (parties, subject, consideration, time of performance ) 3. Communicated a. Sent & received (by the offeree) An advertisement is an invitation is for you to come in and buy, not a contract. You make the offer to buy, they accept or decline it. You can withdraw your offer within any time prior to acceptance Rejection by the offeree is final
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Unformatted text preview: Counter offer – if you offer to sell your car for $5,000 and the buyer says I will pay $5,000 if you put new tires on it. The original offer is now gone and the new offer is $5,000 and new tires. Acceptance: • Bilateral Contract – Promise (for a promise) • Unilateral Contract – Performance • Must be a mirror image of the offer (can’t change any terms or conditions) Effective when sent Sometimes the terms of the offer specify the mode of acceptance...
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