LAWS 4175 Lecture Notes - Lecture 1: Meeting Of The Minds, Posting Rule, Mirror Image
29 Dec 2020
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Person a agrees to sell their house for million. Preliminary negotiation: discussion of what performances each party would agree to, does not constitute an offer at this point, merely an invitation of offer, ex. Person a puts an advertisement in the paper for their house: 2. ) One party (offeror) makes an offer: an offer is a direct, complete proposal that a contract can be entered into that provides an exchange of defined performances, ex. Person b offers to buy person a"s house for million: this gives the offeree the power of acceptance, 3. ) The offeree may either accept or reject the offer. If the offeree accepts, a contract is then formed: ex. Person a agrees to sell person b their house for million. Person a and person b have established a contract. If the offeree establishes a counteroffer, this is a rejection of the original offer and renders the original offer null: ex.
