No ex A city council via a public advertisement offers to pay 200 to the person

No ex a city council via a public advertisement

This preview shows page 3 - 5 out of 10 pages.

No; ex. A city council, via a public advertisement, offers to pay $200 to the person or persons who apprehend an escaped criminal. If X captures the fugitive on his farm, only to learn of the offer later, his act does not constitute an acceptance of the offer and he is not entitled to the reward under the principles of contract law What is an auction without reserve? The act of putting an article up for sale in a without reserve auction is treated as a definite offer. The seller can no longer withdraw the item (although, somewhat illogically, bidders may withdraw their bids until the hammer falls). The highest bidder has a contract for sale that he can enforce. What is a reserve auction? The act of putting a particular item up for auction indicates only a willingness to consider offers to purchase. A bidder's ensuing bid is treated as an offer. Because no contract is formed until the hammer falls, the bidders are free to withdraw their bids prior to that event and, more importantly, the seller is free to withdraw the item from sale if no bids are as high as the seller desires.
Image of page 3
What are bait and switch advertising statutes? impose liability upon advertisers who lure readers into the store by offering fabulous deals on products, but then either have an insufficient quantity for an expected reasonable demand or focus all their sales efforts at convincing the shoppers to buy more expensive items that were not advertised what are advertisements offers? Advertisements are usually considered to be preliminary negotiations, rather than offers to sell When is an advertisement held as an offer? If the quantity of item is clearly limited, then the advertiser has eliminated any worry about unlimited liability and the ad can be treated as an offer("Three 2013 Porsche 911 Carreras at $92,395.00 each, on sale Saturday only while they last!"), when a seller specifies a special method of sale (first come first served), or advertisements of rewards (lost dog; $100 for return) What are some common steps in primary negotiations that do not express intent to contract? requests for information—called inquiries, and negotiations Most offers are terminated by the conduct of the parties themselves by: 1. revocation 2. rejection 3. lapse of time revocation a withdrawal of the offer by the offeror effective only when it has been communicated to the offeree an offer can be revoked at any time unless it is an option contract or firm offer The 2 types of contracts that are exceptions to the general rule that an offer may be revoked at any time prior to its acceptance: option sales law In an option contract the offeree does give the offeror some considerations, but it can in return for the offerors promise to keep the offer open What is a firm offer? How long must a firm offer be held open?
Image of page 4
Image of page 5

You've reached the end of your free preview.

Want to read all 10 pages?

  • Spring '08
  • BREDESON

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture