LAW 122 Study Guide - Midterm Guide: Contract, Posting Rule
20 Feb 2016
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Document Summary
Occurs when an offeree agrees to enter into the contract proposed by the offeror. Acceptance must be in response to offer. Forms of acceptance: acceptance by promise (bilateral contract, acceptance by performance. Bilateral contract: occurs when a promise is exchanged for a promise, therefore, when the contract comes into existence, both parties have promises to fulfill. Unilateral contract: occurs when an act is exchange for a promise, for example, in response to a reward poster. For example, handshake or nod: if you accept, you will probably say, yes either orally or in, rule: silence alone cannot by acceptance, exception: silence plus prior agreement may be acceptance. You may enter into a contract that requires you to pay for a monthly selection unless you return it within a specified time. Instantaneous communication: any form of communication in which there is little or no delay in the interaction between the parties.
