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chpt14 Agreement

Kubasek Dynamic Business Law Chapter 14

QuestionAnswer
Elements of the offer A valid offer requires 1. the manifestation of the offeror's intent to be bound, 2. definite and certain terms, 3. communication to an offeree.
Termination of the offer An offer can be terminated be revocation by the offeror, rejection or counteroffer by the offeree; death or incapacity of the offeror; destruction or subsequent illegality of the subject matter of the offer; or lapse of time or failure of other conditions
Acceptance an acceptance is valid when a menifestation of intent to be bound to the terms of the offer is communicated to the offeror by the offeree.
offer manifestion of present contractual intent with sufficent cetainity of terms to enable the offeree to accept.
Offeree can ______ a Contract Accept, Reject, counter offer
Counter Offer offeree become offeror
Intent The intended purpose or goal of an action.
Advertisements Advertisments are not Valid Offers
interpretation of contracts Plain meaning rule
Silence Not a form of acceptance
Mirror-image rule A principle which holds that the trms of an acceptance must mirror the terms of the offer.
Definite and certain terms the requirement, under common law, that a contract must include and clearly define all material terms.
material terms the terms that allow a court to determine what the damages are in the event that one of the parties breaches the contract; include the subject matter, quanity, price, quality, and parties.
rejection Termination of a contract that occurs when an offeree DOES NOT accept the offer or terms of the contract.
revocation Termination of a contract that occurs when an offeror TAKES BACK the initial offer and annuls the opportunity for the offeree to accept the offer.
Termination of contract The point at which an offer can no longer be acepted as part of a binding agreement.
Created by: tinafici