day 3*.docx

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27 Mar 2012
1. The Importance of Contracts
2. Elements of a contract
a. A definite offer
Offer: indication of one party that he/she is willing to
enter into a binding arrangement with the other party
and will be bound to perform as soon as accepted
Offeror: person making the offer
Offeree: recipient of the offer
Offers vs. *Invitations to Treat*
Factors to consider
i. Language used: words appropriate to a promise
ii. Addressed to a particular person
(*addressed to a group*)
iii. Definiteness of the proposal
Basic Rules that Apply to Offers
-Have to know of offer at time of “transaction”
-Can have a time limit
-If offeror dies or becomes insane
-If not accepted in a “reasonable period of time”
-Can revoke any time before acceptance
-Only valid when actually received
-Option: only time when you can’t revoke the
offer (ie. When renting, option to renew within
30 days. Have to keep open for those 30 days)
-When you accept an offer, it has to be accepted
as is. If you change any of the terms of that offer,
it is a counter offer, not an offer
- If a counter offer is made, the original offer is
off the table unless it is renewed
-Offeror and offeree switch places
- *Mere inquiry?
b. A definite acceptance
Definition: words or conduct that consent to the terms of the
offer in the manner prescribed
Rules that Apply to Acceptance
Communication of Acceptance
-ex. Hold up # at auction
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