BBG E231 Lecture Notes - Lecture 15: Uniform Commercial Code
Document Summary
Mutual assent- talks about agreements between parties. note: a contract is a mutual agreement that consists of an offer and acceptance. Laps of time is one way an offer can terminate. If i offer to sell u my iphone and that this offer is good til friday, you can"t say on. Reasonable depends on: the nature of the contract, depends on what you"re dealing with. If you"re dealing with perishable fruits and veggies, it would not be reasonable to leave the offer open for a year. May be reasonable to leave it open for a few days. Dealing with computers is different than dealing with fruit. Whenever the time stated, that"s when the offer is terminated. If no time is stated, it is whatever"s reasonable. It depends on whatever the custom and usage is. If no time is stated, then its whatever is reasonable.
