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Chapter 11

LPP 255 Chapter Notes - Chapter 11: Browse Wrap, Posting Rule, Arbitration Clause


Department
Law & Public Policy
Course Code
LPP 255
Professor
Unkown
Chapter
11

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CHAPTER 11
Agreement= parties must agree on the terms of the contract and manifest to each other their mutual assent
to the same bargain
oEssential element for contract formation
oAgreement 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
oDetermined by what a reasonable person in the offerees position would
conclude that the offerors words and actions meant
oAn 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Without= goods cannot be withdrawn, must be sold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
oSpecific terms depend on type of contract
oMust 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
oCannot 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
oWhen words tend to fail to convey the precise meaning intended
Termination of the Offer
Revocation of the offer by the offeror:
oMust be communicated to the offeree before the offeree accepts
oRevocation is effective when the offeree receives it
Irrevocable offers:
oOption contract= offeror promises to hold an offer open for a specified period of time in return for
a payment given by the offeree
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