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Business Law Ch.12
Clarkson-Miller-Cross Fourteenth Edition
| Question | Answer |
|---|---|
| Agreement | offer and acceptance |
| Offeror | party making the offer |
| Offeree | party to whom the offer is made |
| Intention | judged by what a reasonable person in the offeree's position would conclude about the offer |
| General offer requirements | identification of the parties; object or subject matter of the contract; consideration to be paid; time of payment, delivery or performance |
| An offer can be terminated either by | Action of the parties or operation of law |
| Revocation | offer can be withdrawn by the offeror anytime before the offeree accepts the offer, unless the offer is irrevocable; effective when the offeree or offeree's agent receives it |
| Irrevocable offers | an offer that cannot be revoked |
| Option Contract | a type of irrevocable offer that is held open for a specified period of time in return of consideration |
| Rejection | the offeree's rejection of the offer terminates the offer; effective only when it is received by the offeror or offeror's agent |
| Counteroffer | rejection of the original offer and the simultaneous making of a new offer |
| Mirror Image Rule | at common law, any change in terms automatically terminates the offer and substitutes the counteroffer |
| Termination by Operation of Law | lapse of time; destruction, death, or incompetence; supervening illegality |
| Lapse of Time | offer terminates by law when the period of time specified in the offer has passed; if no time period is specified, the offer terminates at the end of a reasonable period of time |
| Destruction of the Subject Matter | if destruction occurs before the acceptance of the offer, then the offer is cancelled |
| Death or Incompetence | automatically terminates the offer unless it is an irrevocable offer |
| Supervening Illegality | legislation or court decision automatically terminates a previously valid offer or renders a contract unenforceable |
| Acceptance | voluntary statement or act from the offeree that indicates his/her assent to the terms of the offer; may consist of words or conduct |
| Unequivocal Acceptance | the acceptance cannot impose new conditions on-or change the terms of- the original offer |
| Silence as Acceptance | very rare unless the parties have prior dealings or acts consistent with acceptance |
| Communication of Acceptance | with a unilateral contract, acceptance is evident and notification is not necessary; with bilateral, communication is necessary |
| General Acceptance Rule | in bilateral contracts, acceptance is timely if made before offer is terminated |
| Mailbox Rule | acceptance is effective when offeree uses authorized means of acceptance; if U.S. mail, acceptance upon dispatch |
| Authorized Means of Acceptance | the offer specifies how acceptance should be made; no acceptance if authorized means is not used |
| Substitute Method of Acceptance | the acceptance may still be effective if the substituted method serves the same purpose as the authorized means |
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aidanj01
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