Term
|
Definition
| the offer must be made by the offeror to the offeree and offeree must have knowledge of the offer |
|
|
Term
|
Definition
| there must be intent to make a legally valid offer; intent is determined by an objective standard of what a reasonable offeree would have believed |
|
|
Term
|
Definition
| offer’s terms must be clear enough to provide certain essentials of a contract |
|
|
Term
| Preliminary Negotiations – |
|
Definition
| initial communications between parties, through which the parties either request or supply the terms of a possible offer; not intended to be binding; parties can specify this |
|
|
Term
|
Definition
| usually, it is an invitation to customers or the public to make an offer to buy the advertised goods; includes items in store with price tags |
|
|
Term
|
Definition
| an auctioneer does not make offers to sell the property being auctioned but invites offers to buy |
|
|
Term
|
Definition
| the Code and the Restatement both provide a method for determining certain omitted but necessary terms when the parties otherwise show intent |
|
|
Term
|
Definition
| an agreement of a buyer to purchase a seller’s entire output for a stated period |
|
|
Term
|
Definition
| an agreement of a seller to supply a buyer with all his requirements for certain goods; enforceable within reason |
|
|
Term
|
Definition
| offer remains open for the time period specified for, if no time is stated, for a reasonable period of time |
|
|
Term
|
Definition
| generally, an offer may be terminated by the offeror at any time before it is accepted, subject to certain exceptions |
|
|
Term
|
Definition
| communicated refusal to accept an offer terminates the power of acceptance |
|
|
Term
|
Definition
| counterproposal to an offer that terminates the original offer |
|
|
Term
|
Definition
| offer terminated as a matter of law in that acceptance of revocation is no longer possible |
|
|
Term
|
Definition
| loss of the item to be sold terminates an offer by operation of law |
|
|
Term
|
Definition
| if for some reason the subject of the contract becomes illegal while offer is pending, the offer is terminated automatically |
|
|
Term
|
Definition
| a “merchant’s” offer to sell or buy goods in a signed writing that promises it will not be withdrawn is enforceable for up to three months |
|
|
Term
| *Offer of Unilateral Contract – |
|
Definition
| an offer to form a unilateral contract (acceptable only by performance) may not be revoked for a reasonable time after performance if begun |
|
|
Term
|
Definition
| noncontractual promise that binds the promisor because she should expect that the promise will include the promisee (offeree) to take action in reliance on it; revocation will not prevent remedy for reasonable reliance |
|
|
Term
|
Definition
| contract that binds offeror to keep an offer open for a specified time |
|
|
Term
| Statutory Irrevocability – |
|
Definition
| offer made irrevocable by statue |
|
|
Term
|
Definition
| a manifestation by the offeree of his unwillingness to accept |
|
|
Term
|
Definition
| counterproposal from the offeree to the offeror that indicates a willingness to contract, but on different terms from the original |
|
|
Term
|
Definition
| a type of counteroffer which pretends to accept the offer, but with additional or different terms |
|
|
Term
|
Definition
| positive and unequivocal expression of a willingness to enter into a contract on the material terms of the offer |
|
|
Term
|
Definition
| the Restatement and the Code provide that unless the offer provides otherwise, acceptance is authorized to be in any reasonable manner; effective upon dispatch |
|
|
Term
|
Definition
| late or defective acceptance does not create a contract, but serves as a new offer; to create a contract, the original offeror must accept the new offer |
|
|
