Exceptions quantity clearly limited number of possible persons who can accept

Exceptions quantity clearly limited number of

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Exceptions: quantity clearly limited, number of possible persons who can accept is clearly limited, and other language used indicating that seller is making a promise to sell to the first who respond in the way called for in ad (e.g. ads of rewards for missing pets, criminals, etc.) Auctions
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o Action of putting something up for auction considered only a willingness to consider offers to purchase (with reserve) until bid made and accepted o Considered with reserve unless explicitly represented as without reserve Reasonable definiteness Not necessarily every term has to be spelled out but at least agreement on major points Definiteness of the agreement: sales law o Sales contract enforceable even if one or more terms are left open as long as: Court feels parties intended to make a binding contract Agreement and surrounding circumstances give court a reasonably certain basis for granting an appropriate remedy o Open price provisions “Reasonable price at time of delivery” – determined by court Consideration of circumstances – determined by court Good faith (reasonable market price at the time) – determined by party o Open time provisions – “reasonable time” for performance determined by court o Open delivery provisions – UCC provides “gap fillers” Place of delivery Goods should be delivered to buyer at seller’s place of business If seller has no place of business, should deliver to buyer at seller’s residence When contract refers to specifically identified goods and both parties know when making contract that goods were located at some other place, that place is where delivery should be made Shipping – seller has right to specify shipping arrangements Goods delivered all at once or in lots? – seller obligated to deliver all at once unless one shipment is understood to be unfeasible by both parties o Open payment provisions – payment due at time and place in which buyer is to receive goods Communicating offer o Offer has no effect until reaches offeree Termination of the Offer Termination by act of the parties: o Revocation – withdrawal of offer by offeror; enforceable if revocation occurred before offeree accepted offer o Exceptions: Option – offeree pays offeror consideration to keep offer open for certain length of time; after offeror accepts consideration, cannot withdraw offer Firm offer – apply to sales transactions; cannot be revoked if satisfies following conditions: (irrevocable for 3 months) Must be offer to buy or sell goods Must be made by merchant Must be written and signed by offeror Must give assurance that will be held open o Rejection – offeree notifies offeror that he or she does not intend to accept (e.g.
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  • Spring '08
  • Baker
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