CHAPTER 14: THE AGREEMENT: OFFER AND ACCEPTANCE

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CHAPTER 14 THE AGREEMENT OFFER AND ACCEPTANCE
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CHAPTER 14 THE AGREEMENT OFFER AND ACCEPTANCE

• Learning Objectives
• Objective Theory Mutual Assent
• Requirements for an Offer
• Duration of the Offer
• Irrevocable Offers
• Acceptance

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BASIC CONCEPTS OF CONTRACT FORMATION

• Manifestation of Mutual Assent
• Objective Theory of Contracts
• Old Theory Subjective Meeting of the Minds
• Today Objective Evaluation of Offer and
  Acceptance

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OFFER REQUIREMENTS

• Definition Conditional promise made by offeror
  to offeree
• Essence
• Act, or
• Forbearance from Acting
• Elements

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OFFER REQUIREMENTS

• Element 1 Present Intent
• Essence
• Language Used
• Element 2 Definiteness
• Reasons for Elements
• Material Terms
• Gap Filling
• Element 3 Communication

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OFFER DURATION

• Power to Accept Until Terminated
• Methods of Termination of Offer
• Lapse of Time
• Operation of Law
• Rejection by Offeree
• Revocation by Offeror
• Action Necessary
• Irrevocable Offers
• Partial Performance

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ACCEPTANCE

• Nature of an Acceptance
• Bilateral Contract Acceptance
• Counteroffers
• Traditional Rule Mirror Image
• UCC Provision
• Silence
• Communication of Acceptance
• Unilateral Contract Acceptance

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CHAPTER 14 THE AGREEMENT OFFER AND ACCEPTANCE