Exam 2 review - Essentials of an offer Communication...

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Essentials of an offer - Communication: offeree must have knowledge of offer and offer must be made by offeror to offeree Intent: determined by an objective standard of what a reasonable offeree would have believed (e.g. offer to sell car for $20 to roommate because it won’t start) Definiteness: offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy Duration of offers – Lapse of time: offer remains open for the time period specified or, if no time is stated, for a reasonable period of time Revocation: generally, an offer may be terminated at any time before it is accepted, subject to the following exceptions Rejection: refusal to accept an offer terminates the power of acceptance Counteroffer: counterproposal to an offer that generally terminates original offer o Anything that changes terms of original offer is a counteroffer o Offeror becomes offeree Revocation: Option contract: contract that binds offeror to keep an offer open for a specified time
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