Contract Formation - Contract Formation Contract Formation...

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Contract Formation
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Contract Formation Offer + Acceptance supported by Consideration Equals Contract
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Is the offer valid? Intent Definiteness Communication
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Offer An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms.
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But it is not that simple . . . Problems with Intent Invitation to bargain is not an offer. Price quote is generally not an offer. An advertisement is generally not an offer. A letter of intent may or may not be an offer, depending on the writer’s intent. Placing an item up for auction is not an offer, it is merely a request for an offer. Problems with Definiteness The term of the offer must be definite.
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Nationwide Mutual Insurance Company wanted to energize a regional meeting, so it announced a contest for the best company slogan, to be used at the convention. “Here’s what you could win: His and Hers Mercedes. An all-expense-paid trip around the world. Additional prizes
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This note was uploaded on 04/09/2012 for the course BA 3301 taught by Professor Stanb during the Spring '09 term at University of Houston - Downtown.

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Contract Formation - Contract Formation Contract Formation...

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