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LGST 101 Lecture 19

O possibility test can the contract be completed in

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o Possibility test Can the contract be completed in one year? If it can be, it doesn’t have to be in writing (though it can be and often is) If it can’t be, then it must be in writing Is there any way something can be done in a year? What if you want to hire someone for life? You don’t need a contract The person could die tomorrow – they will technically have worked for their lifetime, and they would have fulfilled the contract within a year Offers and acceptance don’t have to be written – not a contract o When the two parties agree, then they sign the contract o When the two sides go back and forth (offer and acceptance) o When you buy a car, you go back and forth with the price You go back and forth with the offers Eventually, you may agree and accept o Once the offer and agreement coincide, you can make a contract Formulation of contract Must have meeting of mind Want to make sure both parties understand same thing – understand offer, acceptance o Manifestation of assent = meeting of mind Refers to the shared understanding How to begin? o Starts with offer Offeror – the person who makes offer Offeree – the person to whom the offer is made o An offer is an extension of power or authority You extend legal power to someone “I am willing to be bound at this level, if you agree” o An offer is not a statement in anger, excitement, etc. Nor is an invitation to deal an offer Brochure from before is not an offer eBay auctions o Offer is the final bid o The guy’s initial pricing is an invitation to deal The company gives the information, and you make the offer o Difference between offer and invitation to deal is specificity In invitation to deal, it is less specific A more specific description (like price, quantity, time available) is an offer Catalogs, newspapers, etc. are invitations to deal
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What is an offer? o Has to be definite Any reasonable person would have to know all the information about the product Problem – business people are not attorneys, and so make general statements thinking that they are offers “That which can be made definite, is definite” So if you make an offer, and it’s pretty general, how can you make it more definite?
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