Ch_11_StudyQ - 4 How can an offer terminate by operation of...

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Logan Cooper BLAW 3201-10 Chapter 11 S TUDY Q UESTIONS 1) In the context of an offer, how is intent and its seriousness determined? Intent and seriousness is what a reasonable person offeree would assume the offeror meant. i) Why must a contract have “reasonably definite terms” and how “definite” must the terms be? The terms have to be definite enough so that a court can determine if a breach has occurred and what an appropriate remedy would be. ii) Why must the offer be communicated to the offeree? So that both parties understand the terms. 2) How is an offer terminated by the parties? Revocation- usually done by expressing a wish to withdraw an offer Rejection- the offeree does not accept the offer Counteroffer- the offeree makes a substitute offer 3) What situations limit an offeror’s right to revoke? If an offer is made “irrecocable” the offeror is serverly limited in their right to revoke the offer.
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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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