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Louisiana State University
Business Law
BLAW 3201

BLAW TEST 2CH 10 MUTUAL ASSENTIOfferaEssentials of an offer1Be communicated to the offeree2Manifest an intent to enter into a contract3Be sufficiently definite and certainiiCommunication The offer must be communicated explicitly delivered to the offereeauthorized by the offeror an offer can be made to the general public however no person can accept the offer unless they are aware of its existence An offer can be made merely by conduct and does not require statement or wordsiiiIntent To have legal affect an offer must manifest intent to enter into a contract This is based upon what a reasonable person would have believed Therefore if someone jokingly makes an offer a reasonable person should be aware of the joke no offer But if the person is reasonable and truly does not get the joke and the offer is accepted then contract An offer made in obvious excitement or emotional strain is not an offer It is important to distinguish between language that constitutes an offer and language that invites an offer as seen in preliminary negotiations advertisements and auctions1Without reserve referring to auctions the auctioneer may not withdraw an article or lot put up for sale unless no bid is made within a reasonable timeivDefinitenessThe terms of a contract must be reasonably certain so the courts can determine the existence of a breach or for giving an appropriate remedybDuration of OffersiWays in which an offer may be terminated1Lapse of time2Revocation3Rejection4Counteroffer5Death or incompetency of the offeror or offeree6Destruction of the subject matter to which the offer relates7Subsequent illegality of the type of contract the offer proposesiiLapse of Time The offeror can specify a time period in which to accept the offer outside of that time period the offer no longer exists If no time period has been specified than the offer will terminate after a reasonable timeiiiRevocation This is the act of withdrawing an offer To be effective notice of revocation of the offer must actually reach the offeree before she has accepted The offer is effectively terminated when notice of revocation is received by the offeree 1Option Contracts An option is a contract by which the offeror is bound to hold open an offer for a specified period of time2Firm Offers Under the Code If the merchant has a signed writing that the offer will be held open than it must be held open for at least three months3Statutory Irrevocability Certain offers such as bids made to the state are made irrevocable by statute 4Irrevocable Offers of Unilateral Contracts In a promise for an act if the person acting begins his act and it requires from him time and effort the offeror cannot revoke the offer 5Promissory Estoppel In some non contractual situations offers are made irrevocable if the promise is heavily reliant upon the offerivRejection The offeree may reject an offer at any time or simply wait until it has expired In terminating an offer it is made effective when the offeror has receipt of the rejectionvCounteroffer If an offer is made and someone counters with another offer than they have rejected the original offer Unless the offeree implicitly expresses her consideration of the offer but wishes to propose that they would pay less immediately it is rejected viDeath or Incompetency The death of either the offeror or offeree terminates the offer immediately but does not terminate an offer contained in an option
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