Details Title: Business Law (S & R) ed. 14 Description: chapter 10 Total Flash Cards: 19 Created: 05/02/2009 05:07:55		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Law Flashcards
Cards in this set: Term Essentials of an offer -definition Definition indication of willingness to enter into a contract Term Essentials of an offer -communication Definition offeree must have knowledge of the offer and the offer must be made by the offeror to the offeree Term Essentials of an offer -Intent Definition determined by an objective standard of what a reasonable offeree would have believed Term Essentials of an offer -definiteness Definition offer's terms must be clear enough to provide a court with a basis for giving an appropriate remedy Term Duration of offer -lapse of time Definition offer remains open for the time period specified or, if no time is stated, for a reasonable period of time Term Duration of offer -revocation Definition offer may be terminated at any time before it is accepted, subject to the following exceptions -option contract - binds offeror to keep an offer open for a specified time -firm offer - a merchant's irrevocable offer to sell or buy goods in a signed writing ensures that the offer will not be terminated for up to three months -statutory irrevocability - offer made irrevocable by statute -irrevocable offer of unilateral contract - a unilateral offer may not be revoked for a reasonable time after performance is begun -promissory estoppel - noncontractual promise that binds the promisor because she should reasonably expect that the promise will induce the promisee (offeree) to take action in reliance on it Term Duration of offers -rejection Definition refusal to accept an offer terminates the power of acceptance Term Duration of offers -counteroffer Definition counterproposal to an offer that generally terminates the original offer Term Duration of offers -death or incompetency Definition of either the offeror or the offeree terminates the offer Term Duration of offers -destruction of subject matter Definition of an offer terminates the offer Term Duration of offers -suubsequent illegality Definition of the purpose or subject matter of the offer terminates the offer Term Requirements -definition Definition positive and unequivocal expression of a willingness to enter into a contract on the terms of the offer Term Requirements -mirror image rule Definition except as modified by the code, an acceptance cannot deviate from the terms of the offer Term communication of acceptance -general rule Definition acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication Term communication of acceptance -stipulated provisions Definition in the offer the communication of acceptance must conform to the specifications in the offer Term communication of acceptance -authorized means Definition the restatement and the code provide that unless the offer provides otherwise, acceptance is authorized to be in any reasonable manner Term communication of acceptance -unauthorized means Definition acceptance effective when received, provided that it is received within the time within which the authorized means would have arrived Term communication of acceptance -acceptance following a prior rejection Definition first communication received by the offeror is effective Term communication of acceptance -defective acceptance Definition does not create a contract but serves as a new offer