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Unformatted text preview: 4) How can an offer terminate by operation of law? 1. lapse of time 2. destruction of the subject matter 3. death or incompetence 4. Supervenening illegality 5) Who may accept an offer? The person or party that received the offer. 6) What is unequivocal acceptance? The offer must be accepted as proposed, otherwise an amendment would essentially be a counteroffer. This is the mirror image rule. 7) In what contractual situations must acceptance be communicated? Communication must occur for bilateral agreements because acceptance is in the form of promises not performance 8) In situations requiring the communication of acceptance, when and how must acceptance be communicated? Unless specified otherwise the acceptance is communicated as long as it is no longer in the offeree’s possession. This is called the mailbox rule....
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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.
- Spring '12