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THE AGREEMENT: OFFER

THE AGREEMENT: OFFER. “There is nothing more likely to start disagreement among people or countries than an agreement.” E.B. White. T. LEIGH ANENSON, J.D., LL.M. Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent.

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THE AGREEMENT: OFFER

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  1. THE AGREEMENT: OFFER “There is nothing more likely to start disagreement among people or countries than an agreement.” E.B. White T. LEIGH ANENSON, J.D., LL.M.

  2. Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies CONTRACT LAW

  3. DEFINITION OF AN OFFER • A PROMISE • CONDITIONAL ON AN ACT, RETURN PROMISE OR FORBEARANCE (REFRAINING FROM DOING SOMETHING)

  4. PARTIES TO A CONTRACT • OFFEROR = MAKES THE OFFER • OFFEREE = RECEIVES THE OFFER

  5. Learning Objectives • Requirements for an offer • Special Problems • Termination of an offer 10 - 5

  6. OFFER REQUIREMENTS Parties to a contract must have … • intent to enter binding agreement, (2) terms must be definite, and the (3) offer must be communicated to the offeree 10 - 6

  7. INTENT Courts use the objective theory of contracts: Would a reasonable person judge the offeror’s words and acts in the context of the circumstances to signify intent? Lucy v. Zehmer NOT:obviously joking, haggling, equivocating 10 - 7

  8. COMMON LAW I.E. PARTIES, PRICE, SUBJECT MATTER, QUANTITY, TIME OF PERFORMANCE POLICY: ID BREACH AND GIVE REMEDY ARMSTRONG V. ROHM & HAAS CO. UCC OPEN TERMS OKAY GAP FILLING RULES POLICY: REASONABLY CERTAIN BASIS TO PROVIDE A REMEDY DEFINITENESS OF TERMS

  9. Advertisements • GENERAL RULE: NOT OFFERS (but are invitations to offer or negotiate) • Examples: flyers, handbills, catalogs listing prices, “for sale” ads in newspaper or yard • Sales puffery is not an offer Leonard v. Pepsico, Inc. (the Harrier jet case)

  10. Rewards, Auctions, and Bids • Advertisements offering rewards for lost property, information, or capture of criminals are treated as offers for unilateral contracts • Sellers at auctions and advertisements for bids are generally treated as making an invitation to offer, so those who bid are making an offer that the seller may accept or reject

  11. ACTION OF THE PARTIES REVOCATION= any time before acceptance, except: 1. Option Contract 2. Unilateral Contract and offeree begins performance 3. Promissory Estoppel 4. Firm Offer by merchant for the sale of goods in a signed writing (UCC) REJECTION Smith v. Murrell COUNTEROFFER OPERATION OF LAW LAPSE OF TIME DEATH OR INSANITY OF EITHER PARTY DESTRUCTION OF THE SUBJECT MATTER INTERVENING ILLEGALITY TERMINATION OF THE OFFER

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