33:140:320 Chapter Notes - Chapter 10: Meeting Of The Minds, The Seller, Ebay

• School: Rutgers University
• Department: Business Law
• Course: 33:140:320
• Professor: Charles Soos

Document Summary

The process of reaching an agreement begins when one party makes an offer to another party to sell or lease property or provide service to another party. Often, prior to entering into a contract, the parties engage in preliminary negotiations about price, time of performance, and so on. The offer has the power to create an agreement by accepting the offer. For an offer to be considered definite and be clear enough for the offeree to be able to make a decision, an offer generally must contain the following express terms: Identification of the subject matter and quality: consideration to be paid, time of performance. Express terms: terms that have been specifically mentioned and agreed by both parties at the time the contract is made. If the terms are indefinite, the courts usually cannot enforce the contract or determine an appropriate remedy for its breach.