ch10

West's Business Law with Online Research Guide, 9th Edition

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
AGREEMENT Agreement: A meeting of two or more minds in regard to the terms of a contract. The process of agreement usually involves two steps: (1) Offer: A promise or commitment to perform or refrain from performing some specified future act made by the offeror; and (2) 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. The acceptance must be made by the offeree – a third party (other than an agent acting on behalf of the offeree) generally cannot substitute for the offeree and effectively accept the offer. Ch. 10: Contracts: Agreement - No. 1 West’s Business Law (9th ed.)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
REQUIREMENTS OF AN OFFER For an offer to be effective (1) the offeror must seriously, and objectively, intend to perform or refrain as offered; (2) the terms of the offer must be reasonably certain or definite ; and (3) the offeror must communicate the offer to the offeree. What common statements related to business transactions are not offers? Here are some examples: 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 . Ch. 10: Contracts: Agreement - No. 2 West’s Business Law (9th ed.)
Background image of page 2
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
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 03/15/2012.

Page1 / 9

ch10 - AGREEMENT Agreement A meeting of two or more minds...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online