MGT 2106 Chapter Notes - Chapter 11: Shrink Wrap, Electronic Signatures In Global And National Commerce Act, Uniform Electronic Transactions Act
Document Summary
Requirements of the offer: intent there must be a serious, objective intention by the offeror to become bound by the offer. Termination of the offer: by action of the parties , revocation unless the offer is irrevocable, it can be revoked at any time before acceptance without liability. Revocation is not effective until received by the offeree or the offeree"s agent. Some offers, such as a merchant"s firm offer and option contracts, are irrevocable: rejection accomplished by words or actions that demonstrate a clear intent not to accept the offer. Acceptance: can be made only by the offeree or the offeree"s agent, must be unequivocal. Under the common law (mirror image rule), if new terms or conditions are added to the acceptance, it will be considered a counteroffer: acceptance of a unilateral offer is effective on full performance of the requested act. If the offeror does not specify the mode of communication, acceptance can be made by any reasonable means.
