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Contracts - Offers to an Agreement
Terms in this set (13)
manifestations of intent
what the outward actions of the parties show about their intentions to assent to a contract
Objective Plus Standard
-used to measure mutual assent.
- Asks "what would a person like _____________ think?" in the same situation
Restatement § 24
the manifestation of willingness to enter into a K, to justify another person in understanding that his assent to that bargain is invited and will conclude it.
Restatement § 26
not an offer because the receiver 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.
What can be used to determine the objective manifestation of assent?
- behavior of the parties
- preliminary negotiations, because they show the manifestation of intentions
What does an agreement need to be considered a contract under the Restatement?
the terms of the offer must be certain. To be certain, the offer must include how to determine and remedy any breach. If the offer is not certain, it may imply that the intent was not to K, and will be considered incomplete.
What does an agreement need to be considered a contract under the UCC?
- a K can be made in any way, including performance which recognizes the existence of K. Even if some terms are left open, the K does not fail, if the parties intended to K, and there is a basis for assigning a remedy.
Revocation of offer
an OR can revoke an offer any time before it is accepted
Does a revocation of an offer have to be explicit under the Restatement?
Restatement § 43
an offer is no longer valid when the OR takes valid, definite action indicating his intent not to K AND the OE receives reliable information to that effect.
PR promises to keep the offer open for a set amount of time, to give the OE time to consider, thus limiting his power to revoke the offer.
Option Contract accepted via performance
is created once performance begins. However, the OR obligation is conditional upon completion as stated in the K.
Offer given by a merchant, which requires a signed writing by the merchant, and holds the offer open to give the OE time to consider, but does not require any consideration.
Can a merchant revoke a firm offer?
The merchant cannot revoke the offer during the stated time. If no time is stated, than the offer is good for up to 3 months.
Sets found in the same folder
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