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United States (204,197)
LPP 255 (13)
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Chapter 11

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Syracuse University
Law & Public Policy
LPP 255

CHAPTER 11 • Agreement= parties must agree on the terms of the contract and manifest to each other their mutual assent to the same bargain o Essential element for contract formation o Agreement is evidenced by 2 events  Offer= a promise or commitment to do or refrain from doing some specified action in the future • 1. The offeror must have a serious intention to become bound by the offer o Determined by what a reasonable person in the offerees position would conclude that the offerors words and actions meant o An expression of opinion is not an offer  Ex. Dr says it will heal in probably 3-4 days is a matter of opinion  Statements of future intent= intention to do something in the future is not an offer, only thinking about it  Advertisements= not offers, only form of invitation • Different if ad is offering reward for lost dog  Auctions= not an offer for contract, just an offer to sell goods  Auctions with or without reverse • With= the seller may withdraw the goods at any time before the hammer • Without= goods cannot be withdrawn, must be sold to highest bidder  Agreements to agree • 2. The terms of the offer must ne reasonably certain or definite, so that the parties and the court can ascertain the terms of the contract o Specific terms depend on type of contract o Must include:  1. Identification of the parties  2. Identification of the object or subject matter of the contract, quantity, work performed, items/goods/services involved  3. Consideration to be paid  4. The time of payment, delivery or performance • 3. The offer must be communicated to the offeree o Cannot agree to bargain without knowing it exsists  Acceptance • Objective theory of contracts= a party’s words and conduct are held to mean whatever a reasonable person in the offeree’s position would think they meant o When words tend to fail to convey the precise meaning intended Termination of the Offer • Revocation of the offer by the offeror: o Must be communicated to the offeree before the offeree accepts o Revocation is effective when the offeree receives it • Irrevocable offers: o Option contract= offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree  Frequently used in conjuction with sale or lease of real estate • Rejection of the offer by the offeree: o If the offeree rejects • Counteroffer by the offeree: o Counteroffer= rejection of the original offer and the simultaneous making a new offer o Mirror image rule= requires offerees acceptance to match the offerors offer exactly • Terminiation by operation of law: o 1. Lapse of time  Left open until a certain date, it will be terminated at midnight that day  Starts the date the offeree received the offer  Does not specify, reasonable period of time o 2. Destruction
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