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Chapter 12
Law LE Chapter 12
| Question | Answer |
|---|---|
| Elements of Agreement | 1. Mutually assent (offer and acceptance) 2. Voluntary Consent 3. Does not always require a writing |
| Offer | An act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms. |
| Mutual Assent Requires | 1. Offeror must have a serious intent to become bound by the offer 2. The terms of the offer must be reasonably certain or definate 3. The offer must be communicated to the offeree |
| Statements that do not amount to offers | 1. Invitations to bargain 2. Price quotes 3. Letters of Intent 4. Advertisements 5. Auctions |
| Termination of Offers | 1. By revocation 2. Option contracts 3. By rejection 4. By expiration 5. By operation of Law |
| Acceptance | Voluntary act by the offeree that shows assent to the terms of an offer. |
| Offeror | The person who makes an offer |
| Offeree | The person to whom an offer is made |
| Invitations to Bargain | An invitation to bargain is not an offer |
| Price quotes | A price quote is generally not an offer |
| Letter of intent | A letter that summarizes negotiating progress |
| Advertisements | An advertisement is not generally an offer |
| Auctions | NOT an offer -- it is merely a request for an offer |
| The terms of the offer must be | Definite |
| Gap-Filler Provisions | UCC Rules for supplying missing terms. |
| Output contract | Obligates the seller to sell all of his output to the buyer, who agrees to accept it. |
| Requirements contract | Obligates a buyer to obtain all of his needed goods from the seller. |
| Termination by revocation | An offer is revoked when the offeror "takes it back" before the offeree accepts. |
| Some offers cannot be ______ | Revoked, at least for a time |
| Option Contract | The offeror may not revoke an offer during the option period. |
| Termination by Rejection | If an offeree rejects an offer, the rejection immediately terminates the offer. |
| Counteroffer | A different proposal made in response to an original offer. |
| Termination by experation | When an offer specifies a time limit for acceptance, that period is binding. |
| Termination by operation of Law | If an offeror dies or becomes mentally incapacitated, the offer terminates automatically and immediately. |
| Acceptance | The offeree must say or do something to accept. |
| Mirror Image Rule | Requires that acceptance be on precisely the same terms as the offer. |
| An offeree who accepts may include | In the acceptance terms that are additional to or different from those in the offer. |
| Clickwrap | Agreement displaying the proposed terms on screen and requires users to accept them by clicking an "I agree" button. |
| Browsewrap | Type of online contract in which websites seek consent by placing a hyperlink on the Web Page. |
| Hybridwrap | Combined elements of clickwraps and browsewraps |
| If an offer demands acceptance in a particular method or manner.. | the offeree must follow those requirements. |
| If the offer does not specify a type of acceptance.. | The offeree may accept in any reasonable manner and method. |
| Mailbox Rule | Acceptance is generally effective upon dispatch; terminations are effective when received. |
Created by:
CameronMC