BLAW 3201 Chapter : Chapter 10 Book Outline
Document Summary
Chapter 10: mutual assent: mutual assent is the most basic requirement of a contractual agreement, the manner in which parties usually show mutual assent is by offer and acceptance. The offeree must have knowledge of the offer; he cannot agree to something of which he has no knowledge. The intent of an offer is determined objectively by the words or conduct of the parties: preliminary negotiations such as will you buy my car for. The offer must manifest an intent to enter into a contract, not merely a willingness to enter into a negotiation: advertisements are not offers, but are instead invitations for offers. An offeror may specify a time in which an offer is to be accepted, and if the offer is not accepted within that time period, it no longer exists and cannot be accepted. If no time is specified, the offer expires after a reasonable time: revocation.
