Kubasek Dynamic Business Law Chapter 14
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| 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.
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| 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
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| 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.
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| offer | manifestion of present contractual intent with sufficent cetainity of terms to enable the offeree to accept.
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| Offeree can ______ a Contract | Accept, Reject, counter offer
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| Counter Offer | offeree become offeror
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| Intent | The intended purpose or goal of an action.
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| Advertisements | Advertisments are not Valid Offers
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| interpretation of contracts | Plain meaning rule
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| Silence | Not a form of acceptance
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| Mirror-image rule | A principle which holds that the trms of an acceptance must mirror the terms of the offer.
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| Definite and certain terms | the requirement, under common law, that a contract must include and clearly define all material terms.
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| 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.
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| rejection | Termination of a contract that occurs when an offeree DOES NOT accept the offer or terms of the contract.
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| 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.
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| Termination of contract | The point at which an offer can no longer be acepted as part of a binding agreement.
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