agreement - Agreement In determining intent to enter into a...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Agreement In determining intent to enter into a contract, the court looks at the person’s objective manifestation of intent and does not try to interpret what the person may have been secretly thinking. Preliminary negotiations- an invitation to negotiate in an exchange is not an offer because it does not express any willingness to be bound by acceptance Ex) if Rachel asked Bill whether he would sell his car for $5,000 she is not making an offer she is just inquiring about his potential willingness to sell. Advertising- another illustration of an offer to make an offer is the advertisement Ex) if a furniture place places an advertisement in the paper that reads rocking chairs only $250 the first week of May, the store is merely inviting potential customers to come to the store and offer $250 for a rocker. Because no reasonable person would expect the store to be able to sell a rocking chair to everyone who walks in the door. To prevent “bait and switch” advertising some states have laws that require advertisers to state the quantities they have in stores. Auctions- an auction is presumed to be with reserve, which means that the seller is merely expressing intent to receive offers. The auctioneer may withdraw the item from auction at any time before the hammer falls. The bidder may also revoke the bid before that point. In an
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/23/2012 for the course ACCT 324 taught by Professor Eppink during the Spring '10 term at South Carolina.

Page1 / 2

agreement - Agreement In determining intent to enter into a...

This preview shows document pages 1 - 2. Sign up to view the full document.

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