| Term | Definition |
|---|
| Restatement 2nd § 24: Offer Defined | An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it |
| Restatement 2nd § 26: Preliminary Negotiations | A manifestation of willingness to enter into a bargain is not an offer if the person to whom it is addressed knows or has reason to know that the person making it does not intend to conclude a bargain until he has made a further manifestation of assent. |
| Over-Subscription Problem of Offers | Lonergan v. Scolnick - the ad was placed in a newspaper. Potential buyers or offeree's should have known that others may have already accepted the offer thus an acceptance does not guaruntee a contract has been formed |
| Lack of Specificity Problem of Offers | A request for offers does not constitute an offer itself when it lacks specifics. Ie... "land for sale" - What land and what price. |
| Advertisements as Offers | Usually not unless 1) it is clearly phrased as an offer 2) Invites specific actions w/o further communication |
| How to tell there is Acceptance | 1) There is manifestation of present contractual intent 2) Is there a certainty and definiteness of terms? |
| Restatement 2nd Section 38 | If an offeree rejects or manifests the rejection of an offer he loses his right to acceptance unless he manifests an intention to take it under further advisement or the offeror manifests a contrary intention upon an outright rejection. |
| Restatement 2nd Section 41: Lapse of Time for Accepting an Offer | From the perspective of the offeror or a reasonable man the time to accept must be within reason based on the circumstances |
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