Offer and Acceptance - PowerPoint PPT Presentation

1 / 19
About This Presentation
Title:

Offer and Acceptance

Description:

Chapter 6 Offer and Acceptance Elements of a Contract Offer and Acceptance (Agreement) Genuine Assent Legality Consideration Something of Value Capacity Writing (Form ... – PowerPoint PPT presentation

Number of Views:1989
Avg rating:3.0/5.0
Slides: 20
Provided by: ww2D155O
Category:

less

Transcript and Presenter's Notes

Title: Offer and Acceptance


1
Chapter 6
  • Offer and Acceptance

2
Elements of a Contract
  • Offer and Acceptance (Agreement)
  • Genuine Assent
  • Legality
  • Consideration
  • Something of Value
  • Capacity
  • Writing (Form)

3
Agreement
  • Offer A promise to do (or not do) something
    provided the offeree does (or does not do)
    something in return.
  • Acceptance Act or promise in response to an
    offer

Offer Acceptance Agreement
4
The Offer
  • Offeror Makes the offer
  • Offeree Receives the offer
  • Legal Focus pg 192
  • Statements made in anger lack intent
  • Just Joking, excitement
  • Reasonable person

5
The Offer
  • Requirements of the offer
  • Contractual intent must be present in the offer
  • Must be communicated to the offeree
  • Terms must be reasonably definite

6
The Offer - Intent
  • Legal Foci Pg 193
  • Nonoffers
  • Jests
  • Statements made in anger or terror
  • Expressions of Opinion
  • Statements of intention
  • Preliminary Negotiations
  • Advertisements, Catalogs, etc
  • Social Agreements

7
The Offer - Intent
  • An agreement to agree
  • Law in action from Chapter 7
  • Auctioneer
  • The audience actually makes the offer
  • Hammer falls Contract formed

8
The Offer Definite Terms
  • Terms promises, conditions, and descriptions in
    a contract.
  • Important Terms (pg 112)
  • Subject Matter
  • Parties
  • Price
  • Time for Performance

9
The Offer Definite Terms
  • Legal Focus Top of Pg 197
  • mechanic
  • Law in Action Pg 196
  • furs
  • Legal Focus Middle of Pg 197
  • copiers

10
The Offer - Communication
  • Legal Focus Pg 198
  • Must be communicated to the offeree

11
Termination of the Offer
  • Termination by the Parties
  • Termination by Law

12
Termination by the Parties
  • Revocation
  • Must be made same way offer was
  • Rejection
  • Counteroffer

13
Termination by Law
  • Time Stated
  • Reasonable length
  • Death or Insanity of the parties
  • Destruction of the Subject Matter
  • Illegality

14
Keeping Offers Open
  • WYV pg 114
  • Options
  • Firm Offers
  • Merchants
  • In writing
  • Binding offer for time stated lt 3 months

15
Requirements of Acceptance
  • Comes from offeree
  • Sometimes the offeree is the general public
  • Matches terms of the offer
  • Mirror image rule
  • Counteroffers are not acceptances
  • Be communicated to the offeror

16
Mirror image rule
  • Most states only apply to major changes
  • UCC exceptions
  • Pg 119

17
Communication of Acceptance
  • Silence
  • Tricky, tricky
  • Exception prior practice, Old Legal Focus
  • Bilateral
  • Promise for a Promise
  • Words or conduct
  • Unilateral
  • Promise for an act

18
Modes of Communication
  • In person or other effective means
  • Phone, text, mail, messenger, email, fax, etc.
  • Exception stipulated in offer

19
Modes of Communication
  • All forms of contractual communication are
    effective once received EXCEPT
  • Acceptance
  • Effective once sent
  • Same mode as offer or faster
  • Mailbox rule
  • Unless otherwise stipulated in the offer
Write a Comment
User Comments (0)
About PowerShow.com