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Chapter 10 Notes - 1

Chapter 10 Notes - 1 - Chapter 10 Agreement a meeting of...

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Chapter 10 Agreement – a meeting of two or more minds in regard to the terms of a contract. Requires an offer and acceptance Offer – a promise or commitment to perform or refrain from performing some specified act in the future o Three requirements: Intention, definiteness, communication o Intention: Serious and objective Determined by what a reasonable person would conclude, not subjective An expression of opinion is not an offer A statement of future intention is not an offer Ads are not offers A preliminary negotiation (request/invitation) is not an offer Includes advertisements, catalogues, circulars (unless definite terms are included) An auction is not an offer to form a contract With reserve – seller may withdraw goods at any time before the auctioneer closes the sale by announcement or by the fall of the hammer Without reserve – goods cannot be withdrawn by seller and must be sold to the highest bidder (less common) Agreements to agree (agreements to agree to the material terms of a contract at some future date) may be contracts if it is clear the parties
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