BLW 201 Chapter Notes - Chapter 10: Estoppel, Mirror Image

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Offeror must communicate the offer in an intended manner to the offeree. b. Advertisements: advertisements, circulars, quotation sheets, and merchandise displays are not offers because a. b. they do not contain a promise and they leave unexpressed many terms that would be necessary to making of a contract iii. Open terms: good faith: honesty in fact and observance of reasonable commercial standards of fair dealing under the 2001 revised. Specified period: a predetermined amount of days, weeks, months, or years. ii. Reasonable period: if the offer states no time within which the offeree must accept, it will terminate after a reasonable time determined to be the amount of time exclusive to the conditions of the contract: revocation i. Option contracts: contract by which the offeror is bound to hold open an offer for a specified period of time. It must comply with all of the requirements of a contract, including consideration being given to the offeror by the offeree. ii.

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