LAWS 4175 Lecture Notes - Lecture 5: United Nations Convention On Contracts For The International Sale Of Goods, Estoppel
29 Dec 2020
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Liability in the absence of acceptance: option contracts, offeree reliance, and statutory limitations on revocation. Liability in the absence of acceptance: q. It was reasonable for the offeree to rely on the offer as being irrevocable and the offeree has acted in reliance on the offer ( 90- promissory. Estoppel): three possibilities: 1. ) the offeree may have the benefit of an option contract, 2. ) the offeree may have relied on the offer remaining available, 3. ) a statutory provision may change the common law"s position on free revocability. Harley v. indian springs land co. where a refundable ,000 good faith deposit was consideration to bind an option contract to purchase land for . 2 million. Detriment was suffered by losing the use of the deposited money: q. Option contracts: berryman v. kmoch continued, the offeree may give services or another form of consideration in lieu of money ( 71) if that price was bargained for as the price of the option, q.
