BALW20150 Lecture 8: Lecture 2/28/17
28 Feb 2017
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Offer and acceptance: one party has to offer, one party has to accept the offer, offer conveys to the offeree the right to opt into the contract. Offer conveys the right to form the contract. The objective theory of contracts: no valid contract results from: Offers that are made in jest, anger, or undue excitement should be evaluated with a reasonable person"s conduct. Offers that are an expression of opinion. Identification of the subject matter and quantity. Termination of an offer by action of the parties: revocation. Revocation of an offer by the offeror terminates the offer. An offeror cannot revoke an offer if the offeree has detrimentally relied on it. The offeror loses the ability to revoke the offer once the offeree begins performing: rejection. Express words or conduct by the offeree that rejects an offer. If then the offeree decides to accept the offer, it is no longer accepting the offer but making an offer himself: counteroffer.
