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26 Cards in this Set
- Front
- Back
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-the elements of this portion of the contract are offer and acceptance
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Agreement
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-a promise or commitment to do or refrain from doing some specified thing in the future
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Offer
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The three elements of an offer:
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1) intention
2) defiteness of terms 3) communication |
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How do you determine an offerer's intent?
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The offeror's intent is what a reasonable person in the offeree's position would conclude the offeror's words and acts meant
-words in anger, jest, or undue excitement do not qualify |
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Expressions of opinion are not offers example...
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A doctor's opinion that a hand will heal within a few days of an operation is not an offer.
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-no offer is made when a party says that he or she plans to do do something
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Statement of future intent
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Not an offer:
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-preliminary negotiations
- advertisements -auctions |
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-serve valid commercial purposes and can be enforced if the parties clearly intended to be bound and agreed on all essential terms, and no disputed issues remain
-the emphasis is on the parties' intent rather than on form |
Agreements to Agree
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-should say it is or is not binding
-can be partially enforceble |
Letter of Intent
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An offer may be terminated prior to acceptance by either:
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-action of the parties
-operation of law |
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Revocation of the offer by the offeror:
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-offer can withdrawn anytime before the offeree accepts the offer
-effective when the offeree or offeree' agent receive it |
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Irrevocable Offers
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1) When an offeree changes poisition in justifiable reliance
2) A merchant's firm offer 3) Option contract |
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-promise to hold an offer open for a specified period of time in return of consideration
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option contract
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T/F: Rejection by the offeree (expressed or implied) terminates the offer. This is effective only when it is received by the offeror or offeror's agent
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true
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-is a rejection of the original offer and making of a new offer ("mirror image rule")
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counteroffer
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-requires the acceptance to match the offer exactly
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mirror image rule
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-offer terminates by law when the period of time specified in the offer has passed
-if no time period for acceptance is specified, the offer terminates at the end of a reasonable time period of time |
Lapse of Time
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-voluntary act (expressed or implied)
-done by the offeree that shows assent (agreement) to the terms of the offer |
Acceptance
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unequivocal
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The mirror image rule
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-acceptance becomes effective on dispatch, providing that authorized means of communication is used and this is determined by the offeror
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mail box rule
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Types of online acceptances:
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1)Click on agreements
2) Shrink-wrap agreements 3) Browse-wrap Terms |
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-when a buyer, completing a transaction on a computer, inducates his or her assent to be bound by the ters of the offer by clicking on a button that says, for example, "I agree."
-The terms may appear on a Website through which a uyer obtains goods or services, or on a computer screen when software is loaded. -rulings usually favor the seller |
Click-on Agreements
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-an agreement whose terms are expressed inside a box in which a product is packaged.
-Usually the agreement is not between a seller and a buyer, but a manufacturer and the product's user -terms usually concen warranties, remedies, and other issues -rulings usually depend...could be in favor of the seller of the consumer |
Shrink-wrap agreements
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-do not require a user to asent to the terms before going ahead with an online transaction.
-offerors of these terms generally assert to the terms before going ahead with an online transaction -offerors generally assert that that they are binding without the user's active consent -critics argue that a user should at least be required to navigate past the terms before they should be considered binding -rulings are usually in favor of the consumer |
Browse-wrap terms
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methods by which an offer can be terminated (By action of parties):
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1) Revocation
2) Rejection 3) Counteroffer |
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methods by which an offer can be terminated (By operation of law):
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1) Lapse of time
2) Destruction of the subject matter 3) Death or incmpetence of the offeror or offeree 4) Supervening illegality (statute or court decision makes the proposed contract illegal.) |
