Wanted to buy and ask you to give him an offer over 2

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Business Law Today, Standard: Text & Summarized Cases
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Chapter 26 / Exercise 03
Business Law Today, Standard: Text & Summarized Cases
Jentz/Miller
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wanted to buy and ask you to give him an offer over 2 years, and you want an option price of 10%. So he gives you $200,000 to hold the offer for 2 years, if he doesn’t buy the land, you keep the $200,000 because he is holding your asses. If he purchases it will be negotiable if the $200,000 goes into the $2million or not. Revocable Offer - One that’s not supported by consideration. Therefore the offeror can revoke it prior to acceptance. The revocation has to be communicated to the offeree before the offeree accepts the offer. - Ex. It’s near the end of the class 9:10 and I offer to sell you my car for $5,000, and I don’t say anything and walk out the door, the offer is still open. Thursday morning I walk back in the classroom and Trosch says I revoke (that is a proper revoke). For the revocation to be accepted, it must be received (communicated) to the offeree prior to the time he accepts. If the offer is a revocable offer, the requirement to keep it open for a certain period is not required. Rejection of the Offer - Silence is not a rejection or acceptance. In other words, if you don’t say anything, the offer remains open. Conditional Acceptance - Where the offeree makes conditions (I’ll buy car if you put new motor and tires on it) is considered a rejection If either party dies or becomes insane prior to acceptance, it terminates the offer Destruction of the Subject Matter - If the subject matter of the contract is destroyed prior to acceptance If the offeree wants to accept the offer he must accept the offer as stated, if he changes any of the terms of the offer it amounts to a rejection. In other words, the offeree’s acceptance must correspond with all the respects of the offer.
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Business Law Today, Standard: Text & Summarized Cases
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Chapter 26 / Exercise 03
Business Law Today, Standard: Text & Summarized Cases
Jentz/Miller
Expert Verified
1. Accepting an offer for a unilateral contract – if you want to accept an offer for a unilateral contract you must complete the requested act which is the acceptance, the only way you can accept is to complete the act. Quasi Contractual Basis, gives me the ability to sue the offeror if he revokes when you’re 90% done with the offer (mowing the grass for $20) Silence is not Acceptance, (exception to the rule) if benefits are conferred upon the offeree, then silence could be consired acceptance. Ex. Man was receiving newspapers for free and then found out and asked him for the money he owed. He was sued and lost because he was accepting benefits. (He used them). Communicated Acceptance - Stipulated offer – stipulated the time place and method of the offer. Have things such as “must” or “required”. If the offer has these stipulations, the offeree must accept the offer. - Authorized offer – uses words such as “you may” or “you should”, or “could” accept. Words of volition. Chapter 12 Sufficient Consideration - Each party has to suffer a legal determent (surrendering a legal right) and gain a corresponding legal benefit. - Ex. A agrees to sell his car to B for $5,000. A’s legal detriment is to give up his legal title (giving up his legal rights, not his actual car) to the car and his legal benefit is get

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