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Lecture 4

BLW 202 Lecture 4: 4:18:2017

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Business Law
BLW 202

4/18/2017 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 ◆ Jokes ◆ 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 ◆ Unilateral contract ◆ Firm offer made by a merchant ◆ merchant: dealer in the goods that are the subject matter of the transaction ◆ merchant holds himself out as having skill or expertise in the subject matter of the contract ◆ or he hires an agent who hold himself out as having skill or expertise ◆ merchant cannot revoke an offer during the time he states it will be open ◆ rejection ◆ counteroffer ◆ Death ◆ incompetency ◆ Destruction of the subject matter ◆ Change in the law ○ Acceptance ◆ mirror image ruler: 2-207-2 Battle of the Forms ◆ acceptance has to mirror all of the terms of the offer ◆ offereeʼs additional terms control ◆ except if on offererʼs form was “acceptance limited to terms contained herein” ◆ When does an acceptance take place: two rules ◆ specified mode: offerer specifies the mode in which he wants the acceptance (wire me the money) ◆ mailbox rule: when not specified, acceptance takes place when offeree sends the requirements of the deal ◆ all rejections take place by the receipt of the offerer ◆ one exceptions: if the rejection is first, no contract Chapter 11: How to get out of contracts ▯. Duress: some threat on the part of the defendant that invalidates the free will of the plaintiff and renders the contract voidable ○ threats of criminal prosecution is duress ○ threats of civil prosecution is NOT duress ▯. Undue influence: one person takes unfair advantage over another person, typically by being in a dominant position over that other person. Usually
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