Those who manage corporations should be accountable

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Those who manage corporations should be accountable to society for their actions Stakeholder Approach: corporations have a duty not only to shareholders, but other  groups (stakeholders) affected by corporate actions Corporate Citizenship: promote goals that society considers worthwhile and take  positive steps towards solving problems Offer and Acceptance: What Constitutes a contract Parties must show mutual assent to terms of contract Once and agreement is reached, if the other elements of a contract are present, a valid  contract is formed  Requirements of the Offeree Offeror’s serious intention-  contract is judged by what a reasonable person in the  Offeree’s position would conclude about the offer Definiteness of terms Communication to offeree Offeree’s knowledge of the offer: directly by the offeror or by use of agents When is an Offer Genuine? Expressions of opinion: not offers Statements of future intent: not offers Preliminary negotiations or invitations to negotiate: not offers Advertisements: not offers (invitations to negotiate) Auctions: not an offer, but invitation for offers through an auctioneer Agreements to Agree: modern view, can be enforceable if parties intended to be bound When is the Offer Revocable/Termination Revocation-  of the offer by the offeror: offer can be withdrawn anytime before offeree accepts the offer
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Effective when the offeree or offeree’s agent receives it Irrevocable Offers-  courts are unwilling to allow revocation when offeree has changed  position based on justifiable reliance Option Contract-  promise to hold an offer open for a specified period of time in return  of consideration Rejection-  of the offer by the offeree: -rejection by the offeree (expresses or implied) -effective only when it is received by the eofferor or offereor’s agent Counteroffer by the offeree -rejection of original offer and the simultaneous making of a new offer -Mirror Image Rule-  At common law, any change in terms automatically terminates the  offer and substitutes the couteroffer When can the Offer be Terminated by Law? Lapse of Time-  offer terminates by law when the period of time specified in the offer  has passed. If not time period acceptance is specified, the offer terminates at the end of  a reasonable period of time Destruction of the Subject Matter-  before acceptance of offer, terminates the offer Death or incompetence of the offeror or offeree-  automatically terminates unless  irrevocable offer Supervening illegality of the proposes contract-  legislation or court decision  automatically terminates offer or  renders contract unenforceable What is Acceptance?
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