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Chapter 11 BAFN

Chapter 11

What is an offer? is a promise conditional on an act, return promise, or forbearance (refraining from doing something)
The Requirement of an offer? Parties to a contract must have intent to enter binding agreement, terms must be definite, and the offer must be communicated to the offeree
Name 5 things that do not qualify as an offer Invitation to bargain Price quote House Sale An advertisement A letter of intent may or may not be an offer, depending on the writer’s intent. Placing an item up for auction is not an offer, it is merely a request for an offer.
True or False: Courts apply the subjective theory of contracts when determining whether intent to contract existed Courts apply the objective theory of contracts based on the reasonable person.
True or False: The UCC often creates contractual liability where no contract would result under common law T Article 2 sales contracts can be created “in any manner sufficient to show agreement, including conduct…” A price, quantity, delivery, and time for payment term left open in a contract can be filled in.
True or False: Sales puffery may be deemed to be a valid offer False. Sales puffery is NOT an offer.
True or False: UCC 2–207 does not allow contract formation if there is some variance between terms of offer and terms of the acceptance False. UCC 2–207 allows contract formation even when there is some variance between terms of offer and terms of the acceptance
Created by: ryan3743