BLW 202 Lecture Notes - Lecture 4: Posting Rule, Contract, Undue Influence
Document Summary
Chapter 10: how does a contract come to existence? offer definite proposal made by one person to another to enter into contract offerer offere must be communicated between the two above intent to be bound. Advertisement definiteness offer must be definite output contract agree to purchase output (even without knowing the quantity of output) requirement contract agree to supply requirement for output. Sherman anti-trust act prevents monopolies or the attempt to monopolize. What kills an offer? lapse of time revocation as a general rule, the offerer can revoke the offer anytime prior to acceptance exceptions option contract contract made for the purpose of keeping an offer open. Acceptance mirror image ruler: 2-207-2 battle of the forms acceptance has to mirror all of the terms of the offer offeree s additional terms control except if on offerer s form was acceptance limited to terms contained herein . Chapter 11: how to get out of contracts.
