BMGT 380 Lecture Notes - Lecture 27: Contract, Estoppel, Margarita

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: Gideon Mark

Document Summary

You give me 10,000 dollars to keep the offer open for. 30 days and once you give me the $ i can"t revoke the offer in the. 30 day period: offeree buys an option. If you accept the cash and don"t keep it open, you can sue for breach of contract: sign = accepting the cash, 2. An offer for a unilateral contract: right to revoke suspended until it would take a reasonable person to complete task, situation/example: own a big house in suburbs with a big lawn. I want the neighborhood high school kid to mow it for a hundred. Hot day, i"m chilling by the pool with a margarita: almost done, and you say nah son stop i"ll do it myself. Promissory estoppel: relying on promise suspends right to revoke, your right to revoke is suspended under promissory estoppel because. I make an offer to you and you promise you will keep it open.