Law-11 - Chapter 11 Offer & Acceptance Requirements of...

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Chapter 11 Offer & Acceptance
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Requirements of an Offer An offer has three requirements: 1. A serious intention to be bound by the offer 2. Reasonably certain terms 3. Communication of the offer to the offeree Once an offer has been made, the offeree has the power to accept. Upon acceptance, a contract is formed, assuming the other
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Intention to be Bound Intent is determined by the objective standard. What would a reasonable person believe, based on the language and actions of the offeror? 11.1
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[Back] Photocopy of the contract
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Intention to be Bound Expressions of opinion Your hand will probably heal within 3-4 days of discharge. Statements of intention I plan to sell my house for $100,000. Preliminary negotiations Would you take $3000 for your car? Advertisements, catalogues, price lists, circulars Used bed, king mattress + box, Serta, $300.
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Case Example Great Minneapolis Surplus Store ran the following ad “Saturday, 9AM, One Black Lapin Stole, Regularly $100, $1, First Come, First Served.” Lefkowitz was the first person to the store on Saturday, but the owner refused to sell him the stole, declaring the sale to only apply to women. Lefkowitz sued arguing that GMSS had breached the contract formed by his acceptance of their offer. GMSS argued that the ad was not an offer and that it was free to refuse to do business with anyone. Who is right?
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Case Example Problem 10-1 Bill Buyer writes Sam Seller and asks how much Seller is asking for Blackacre, a tract of land owner by Seller. Seller replies: “I will not take less than $60,000 for my beloved Blackacre.” Buyer writes back “I accept your offer to sell Blackacre for $60,000.” Is there a contract?
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Definiteness of Terms Generally, a contract must include the following in order to be definite enough to be enforceable: Identification of the parties Identification of the subject matter The consideration The time for performance Courts will often supply missing terms for agreements that manifest an intent to be bound but are otherwise lacking in definiteness 11.2
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Communication Offers must be communicated to the offeree in order for the offeree to have the power of acceptance. In offers to form bilateral contracts, the occasion of acceptance without knowledge does not arise, but where offers to form unilateral contracts are involved, sometimes performance precedes knowledge of the offer.
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Case Example Doug Doglover has lost Wanderer, his prized Sheepdog. The next day, Dewey Shepherd found Wanderer and brought him back to
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Law-11 - Chapter 11 Offer & Acceptance Requirements of...

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