BSLW1021 Chapter Notes - Chapter 13: Divisor
Document Summary
Offer: expresses the willingness of the offeror to enter into a contractual agreement regarding a particular subject. Listing prices are not considered a binding contract but an invitation because it is unreasonable for one person to be in contract with every single person: agreement to make a contract at a future date. No contract when the parties agree they will consider making a contract at a future time. Duty defined only in terms of best efforts: divisible contract: consists of tow or more parts to do, exceptions to definiteness. Good faith performance or some independent factor that will definitely be ascertainable in the future. Requirements contract: a contract to buy all requirements of the buyer from the seller. Output contract: the contract of a producer to sell the entire. Communication of offer to offeree production to a given buyer: offer must be communicated to the offeror. Termination of an offer: offeree cannot accept a terminated offer, revocation.
