Chapter 14 - Chapter 14: Agreement 1. Elements of a Valid...

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Chapter 14: Agreement 1. Elements of a Valid Offer a. Intent: offeror must show intent to be bound by the offeree’s acceptance a.i. 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 a.ii. Preliminary negotiations and advertisements to not constitute offers b. Definite Terms: must be definite and certain or in other words all the material terms must be included b.i. Material terms: allow a court to determine damages in the event one of the parties breaches the contract, includes subject matter, price, quantity, quality, and parties c. Communication: offer must be communicated to the offeree d. To have a valid offer under common law, you need the intent to be bound by an acceptance, definite and certain terms, and communication to the offeree 2. Termination: offeree can no longer accept an offer in the form of a binding contract a. Revocation:
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This note was uploaded on 03/27/2012 for the course BLS 442 taught by Professor Staff during the Spring '12 term at Miami University.

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Chapter 14 - Chapter 14: Agreement 1. Elements of a Valid...

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