BUL 3130 Lecture Notes - Lecture 7: Fax, Mirror Image, Posting Rule

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20 Mar 2018
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Mutual asse(cid:374)t to a (cid:272)o(cid:374)tra(cid:272)t"s esse(cid:374)tial ter(cid:373)s. Voluntarily manifested through offer and acceptance: first element of a contract is an agreement, agreement = offer and acceptance, offer- 1 offeror"s pro(cid:373)ise to perform or refrain from performing act. 4 offeror (or his agent) must communicate offer to the offeree (or her agent: offeror"s serious intention- offeror must show intent to (cid:271)e (cid:271)ou(cid:374)d (cid:271)(cid:455) offeree"s acceptance (objective theory of contracts) Not determined by the subjective intentions, beliefs, and assumptions of offeror. Deter(cid:373)i(cid:374)ed (cid:271)(cid:455) (cid:449)hat a reaso(cid:374)a(cid:271)le perso(cid:374) (cid:449)ould (cid:272)o(cid:374)(cid:272)lude the offeror"s (cid:449)ords or actions meant. Lucy v. zehmer (1954): had to sell his farm. If the offer doesn"t state how long its gonna be open, it stays open for a reasonable amount of time: common statements generally are not offers, including: Agreement to agree: offer must contain all martial terms including: Identification of the object or subject matter of offer.

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