Term
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Definition
| The person who makes the offer |
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| the person whom the offer is made |
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| is a clear expression of assent in reply to an offer |
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| is a reply to an offer in which the offeree makes a new proposal as the terms of contract |
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| are non-offers that can be described as statements of value, general statements of quality or predictions. |
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| are non-offers which are statemenst of what one may do in the future. For example " I plan on selling my sons pontiac G6 for $5,000" |
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| are non-offers which can be described as inquires or general discussions of potential contract terms. if i ask you "are you interested in selling your car?" then i have not made an offer. I have made an inquiry |
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| are non-offers. If I put out that I am selling my car for $4,000 dollars and 10 people call me to accept, I would be in real deep shit if I had 10 contracts. (First come, first serve are usually known to be a valid contract) |
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Definition
| generally non-offers, unless they are advertised as being "without reserve". To protect who is auctioning items for sales, the law presumes that the seller reserves the right to withdraw that item from the auction block if the price is too low. in practice, auctioneers typically frown on a seller acually withdrawing an item, so most items are sold to the highest bidder. |
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Term
| Without reserve or Absolute auction |
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Definition
| the auction seller is informing potential buyers that there is no right to withdraw an item being sold at an auction. once the auction of an item without reserve begins, the seller has made an offer to sell the highest bidder |
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Term
| Requirements of a valid offer |
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Definition
| intention, definiteness, and communications |
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Term
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Definition
| something about the way the offer is communicated must show that the offeror is serious about it, and it must be objectively serious-- the seriousness must be evident to a reasonable person. "I will sell my piece of shit BMW for $5!" is not binding |
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Term
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Definition
| The offer must be ________ enough so that if the offeree accepts, the court will be able to understand the terms of the contract. Typically, this means the offeror must include the names of the parties to the contract, a description of the goods or services being provided under the contract, the quantity, the price, and any important delivery terms. |
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| the offer must be ________________ to the offeree. This requires ________________ by the offeror and receipt by the offeree. If im thinking of making an offer to you, and i leave a draft of a letter on my desk and you happen to see it, i have not comminicated the offer to you as an offferor. I would have to mail or hand you the letter to have actively communicated it. |
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Term
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Definition
1. an offer may terminate if the offeror revokes it prior to acceptance.
2. An offer may terminate is lapse of time
3. An offer may be terminated by rejection or counteroffer.
4. summarized by the mirror image rule.
5. terminated by operation of law
6. an offer may be terminated by the terms of the offer |
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Term
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Definition
| is an agreement where one party pays some tupe of consideration in exchange for the others promise to hold an offer. |
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| states that an acceptance which contains terms different that the offer is considered a rejection and counteroffer." I will sell you my bike for $400." --- " I will buy your bike for $400 but only with a 2 year warranty" This will reject the offer... Must be the exact same or it will not be valid |
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Term
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Definition
1.death or incapacity of either offeror or offeree.
2. intervening illegality occurs if contract performace becomes illegal between the time of offer and acceptance.
3. destruction of the subject matter of the contract. |
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Term
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Definition
1. the acceptance must be made by the offeree
2. the acceptance must be unconditional, unequivocal and under the same terms as the offer
3. the acceptance must be communicated |
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Term
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Definition
| an acceptance is effective when correctly mailed, or sent by similar means, even if it is never received. |
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Definition
| a passage of title from a seller to a buyer for a price. |
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Definition
| are things tangible and moveable |
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Term
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Definition
| someone who is either 1. a dealer in the goods of the type of goods contracted for; 2. a person who holds himself out as having special knowledge as to the type of goods contracted for; or 3. a person who employs a merchant as an agent in this contract setting |
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Term
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Definition
| if a merchant in a signed writing promises an offer will be kept open, the merchant is bound to hold the offer open for the stated time or a reasonable time. |
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