Iii if the offeree has already begun performance

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f.iii) If the offeree has already begun performance (f.iii.1) When acceptance and performance are the same and performance has begun the offeror must allow completion g) Termination by rejection – an offer is rejected when the offerees words or conduct indicate that the offeree does not intend to accept the offer h) Termination by counteroffer – both a rejection of the original offer and a new offer, terminating the original offer h.i)Like rejection the counteroffer must reveal the offeree’s intention to reject the new offer and propose a different offer i) Acceptance – an offer is accepted when the offeree agrees to the terms of the offer i.i) Only the person given the offer may accept j) Mirror Image Rule – an offer is not viewed as accepted unless the acceptance corresponds exactly to the terms of the offer 88) Contract Discharge by Law a.i) Performance Impossibility –isn’t possible (remodel a house when it has been flattened by tornado, death of performer) a.ii) Bankruptcy a.iii) Statute of limitations b) Mailbox Rule – an acceptance is effective as soon as it is dispatched, mailed, faxed, emailed, etc. 89) Arbitration – method of settling disputes out of court, involves 3 rd party which has the power to make a final, binding decision a) Mediation – involves a 3 rd party to HELP the two parties reach an agreement, no power to impose an agreement or decision 90) Elements of Consideration a) Must be bargain for exchange a.i) Doctrine of past consideration – if a performance or promise as already occurred a.ii) Based on the idea of guid pro quo – Latin for “Something for something” a.iii) Something of value given in exchange for a promise b) Promise must incur legal detriment b.i)Promise suffers legal detriment when (b.i.1) He does something or promises to do something that he is not legally required to do
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BUSINESS LAW - CLEP (b.i.2) Refrains or promises to refrain from doing something that he legally has the right to do (b.i.2.a) A promise to perform a Pre-Existing duty will not constitute a legal detriment c) Examples of absent consideration – moral obligation, past consideration, illusory promises, these examples lack consideration 91) Adequacy of Consideration – in an agreement – how valuable or equal the consideration is or is not is evaluated by the court 92) Illusory Promise – an agreement where one of the parties does not actually promise to do anything 93) Token Consideration – if something lacks any value then the courts will find it legally insufficient 94) Sham Consideration – if the parties to a contract state that consideration has been given, but it has not 95) Promissory Estoppel or Detrimental Reliance – a situation where a promise cannot be withdrawn because the offeree reasonably relied on the offer being held open and will suffer detriment if withdrawn a.i) a promise will be enforce without consideration if (a.i.1) The promisor should expect her promise to induce action (a.i.2) The promise does in fact induce justifiable action or forbearance (a.i.3)
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