BLAW Chapter 10 Study Questions

BLAW Chapter 10 Study Questions - Doug Jackson Business Law...

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Doug Jackson Business Law Section 8 Chapter 10 Study Questions April 17, 2006 Chapter 10 Study Questions 1.) The first requirement for an effective offer is a serious intent on part of the offeror. Serious intent is not determined by the subjective intentions, beliefs, and assumptions of the offeror. Courts usually adhere to the objective theory of contracts in determining whether a contract has been formed. Under this theory, a party’s words and conduct are held to mean whatever a reasonable person in the offeree’s position would think they meant. The court will give words their usual meanings even if it were proved by twenty bishops that the party intended something else. Offers made in obvious anger, jest, or undue excitement do not meet the intent test because a reasonable person would realize that a serious offer was not being made. Because these offers are not effective, an offeree’s acceptance does not create an agreement. 2.) An offer can be terminated by the action of the parties in three ways: by revocation,
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This note was uploaded on 03/21/2012 for the course BLAW 1000 taught by Professor Stuff during the Spring '12 term at LSU.

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BLAW Chapter 10 Study Questions - Doug Jackson Business Law...

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