Contracts

§24 Offer Defined

manifestation of willingness to enter into a bargain and mutual assent

§22 Mode of assent

mutual assent, offer and acceptance

outward expression of a partys intent

how is a contract formed

§33 Certainty

manifestation of intent cannot be accepted so as to form a contract unless the terms are reasonably certain. QTPPPS

quantity, time for performance, parties to the contract, price, place for performance, subject matter

QTPPPS

the offeror’s expressions are outward and assent is invited

For manifestation of willingness to enter into a bargain

surrounding circumstances, the tone, the relationship, length

Assent is invited

words and acts

The offeror’s expressions are outward

special offer rules

advertisements, quotes, requests for bids, letter of intent

§36 Methods of termination

Death, revocation, time lapse, counteroffers or rejection

An offeree’s power to accept an offer terminates upon death

methods of termination: death

Irrevocable offers

option contracts

§42 Direct Reovcation

an offeree’s power of acceptance is terminated when the offeree receives from the offeror a manifestation of an intention not to enter into the prosed contract

§43 Indirect communication of revocation

an offeree’s power of acceptance is terminated when the offeror takes definite action inconsistent with an intention to enter into the proposed contract and the offeree acquires reliable information to that effect

§41 lapse of time

reasonable time depends on the circumstance if not said.

implied (counter offer) or expressed

rejection has two types

§39 Counter offers

an offer, same subject matter, proposed substitute bargain

§40 time when rejection or counteroffer terminates the power of acceptence

mailbox rule

when the rejection is disbatched before the acceptance

when does mailbox rule cancel

whatever arrives first

if the rejection is sent first, then acceptence

when acceptance is sent first, once it hits the mailbox you have a contract

when does mailbox rule apply

when received by the offeror

when is an option contract operative

§50 Acceptance by Offer defined;acceptance by performance; acceptance by promise

a manifestation of assent to the terms made by the oferee in a manner invited or required; requires that at least part of what the offer requests be performed; the offeree complete every act essential

unilateral

promise for performance

bilateral

promise for promise

manner of acceptence

invited or required

unilateral

i will pay your $100 if you find my lost dog

bilateral

I will pay you $5 to search for my lost dog

times silence is an acceptance

when an offeree takes the benefit of offers, when the offeror has given the offeree reason the understand that assent may be manifested by silence, it is reasonable to assume the offeree should notify the offeror is he does not intend to accept