Chapter 6 Offer and Acceptance - PowerPoint PPT Presentation

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Chapter 6 Offer and Acceptance

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Chapter 6 Offer and Acceptance 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances 6-1 Creation of Offers GOALS List the elements required to form a ... – PowerPoint PPT presentation

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Title: Chapter 6 Offer and Acceptance


1
Chapter 6Offer and Acceptance
  • 6-1 Creation of Offers
  • 6-2 Termination of Offers
  • 6-3 Acceptances

2
6-1 Creation of Offers
  • GOALS
  • List the elements required to form a contract
  • Describe the requirements of an offer

3
WHAT MUST BE IN A CONTRACT?
  • Offer and acceptance
  • Genuine assent
  • Legality
  • Consideration
  • Capacity
  • Writing

4
What elements are required to form a legally
enforceable contract?
5
REQUIREMENTS OF AN OFFER
  • Contractual intent must be present
  • Jests
  • Statements made in anger or terror
  • Preliminary negotiations
  • Social agreements
  • Offer must be communicated to the offeree
  • Essential terms must be complete and definite

6
What are the requirements of an offer?
7
6-2 Termination of Offers
  • GOALS
  • Describe the various ways to end offers
  • Explain how an offeree can ensure an offer will
    remain open

8
HOW CAN OFFERS BE ENDED?
  • Revocation by the offeror
  • Time stated in the offer
  • Reasonable length of time
  • Rejection by the offeree
  • Counteroffer
  • Death or insanity of either the offeror or
    offeree
  • Destruction of the specific subject matter

9
Explain two ways in which offers can be
terminated.
10
HOW CAN AN OFFER BE KEPT OPEN?
  • Options
  • Firm offers

11
How could an offeree insure that an offer will
stay open for a set period of time?
12
6-3 Acceptances
  • GOALS
  • Discuss the requirements of an effective
    acceptance
  • Determine at what point in time an acceptance is
    effective

13
WHAT IS REQUIRED OF AN ACCEPTANCE?
  • Only offerees may accept
  • The acceptance must match the offer
  • Acceptance must be communicated to the offeror
  • Silence, bilateral, unilateral acceptance
  • Modes of contractual communication
  • When acceptances are effective

14
What are the requirements of an effective
acceptance?
15
PREVENT LEGAL DIFFICULTIES
  • When you seek to enter into a contract . . .
  • When negotiating, assume the worst and include
    terms in the contract addressing potential
    problems.
  • For important contracts, put offers and
    acceptances in writing. If either an offer or an
    acceptance is made orally, promptly confirm it in
    writing.
  • Obtain and keep a copy of every important
    document you sign.
  • Express your intentions in offers and acceptances
    with clear, complete, and understandable language.

Continued on the next slide
16
PREVENT LEGAL DIFFICULTIES
  • Remember that the offeror may specify how and
    when the offer must be accepted. Otherwise the
    offeree may use the same means used by the
    offeror, a faster means, or other reasonable
    means.
  • When appropriate, buy an option, if one is
    available, to keep the offer open for as long as
    you need.
  • Remember that for an offeror to withdraw or
    revoke an offer, the offeree must receive notice.
    For speed, use the telephone, e-mail, or fax
    machine to withdraw or revoke an offer.
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