Term
|
Definition
1.Serious Intent
2. Reasonably Definite Terms
3. Communication to the Offeree |
|
|
Term
|
Definition
The offeror must show intent to be bound by the offeree's acceptance.
The Court Interprets the Party's words and actions the way a reasonable person would interpret them |
|
|
Term
|
Definition
| In determining Intent to enter a contract, the court looks at the person's objective manifestation of intent and does not try to interpret what the person may have been secretly thinking |
|
|
Term
|
Definition
| An invitatoin to negotiate or an expression of possible interest in an exchange is not an offer because it does not express any willingness to be bound by an acceptance. Not making an offer, but inquiring |
|
|
Term
|
Definition
| Not usually treated as an offer only under limited circumstances . |
|
|
Term
|
Definition
| The seller is expressing intent to recieve offers. Auctioneer may withdraw the item at any time before the hammer falls signaling the acceptance of the bid. Bidder may also revoke the bid |
|
|
Term
|
Definition
| The seller is treated as making an offer to accept the highest bid and therefore must accept. Few auctions are held without reserve |
|
|
Term
| Legal Principle: Auctions |
|
Definition
| If an auction is without reserve, the auctioneer must accept the lowest bid; if it is with reserce, the auctioneer may refuse to sell the item if he or she is not satisfied with the size of the highest bid |
|
|
Term
| Definite and Certain Terms |
|
Definition
| All material terms must be included |
|
|
Term
|
Definition
| Allow a court to determine damages in the event that one of the parties breaches the contract: Subject matter, Price , quantity, quality, and parties |
|
|
Term
|
Definition
| The offer must be communicated to the offeree or the oferre's agent : only the offeree or his agent can accept |
|
|
Term
| Legal Principle: Communication |
|
Definition
To have a valid offer under the common law you need
1. The intent to be bound by an acceptance
2. Definite and Certain Terms
3. Communication to the offeree. |
|
|
Term
|
Definition
| The Offeree can no longer accept it to form a binding contract |
|
|
Term
|
Definition
| The offeror can revoke the offer at any time unless the offeree entered into an option contract with the offeror |
|
|
Term
|
Definition
| The offeree can reject the offer |
|
|
Term
|
Definition
| If the offeree offers a counter offer the orginial offer is terminated |
|
|
Term
|
Definition
| If the offeror becomes incapacitated or dies, the offer immediately terminates |
|
|
Term
|
Definition
| If the subject matter of the offer becomes illegal, the offer immediately terminates |
|
|
Term
|
Definition
| The offer will expire after a reaosnable ammont of time unless a specific time condition is given |
|
|
Term
|
Definition
| The offeree gives the offeror a piece of consideration in exchange for holding the offer open for the specified period of time. |
|
|
Term
|
Definition
| If the offeree had reasonably relied on the offeror's promise to thold the open and taken action in reliance The courts may use the doctirne of Promissory estoppel to prevent the offeror from revoking his offer |
|
|
Term
|
Definition
| Under common law, acceptance mirrors the offer |
|
|
Term
| Silence as a form of acceptance |
|
Definition
Accepted if there is a previous history of silence meaning acceptance
Receives the benefit and has a reasonable chance to deny it, for example cancelling a gym membership. |
|
|
Term
|
Definition
| Says that the terms of the acceptance must mirror the terms of the offer. If terms are restructured a counter offer is formed. |
|
|
Term
| Communication to the offeror |
|
Definition
| If the offeror specifies a method of communication that method must be used to accept the offer. If not any means of communication is acceptable |
|
|
Term
|
Definition
| Provides that an acceptance is valid when the offeree places it in the mailbox, where as a revocation is effective only when the offeree receives it. |
|
|
Term
|
Definition
| The means by which the offeree can communicate acceptance to the offeror may either be expressly stated or be implied from the facts and circumstances surrounding the communication of the offer to the offeree. |
|
|
