BSL 212 Chapter 10: Chapter 10
1 Oct 2018
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Mutual assent is shown by offer and acceptance. Offer proposal made by one person to another indicating willingness to enter into a contract. Communication - offeree must know about offer can not agree on something he doesn"t know. Intent - to have legal effect an offer must manifest intent to enter contract. Definiteness - terms of contract should be clear, definite, and explicit. Ucc provides standards for example when the contract fails to specify the price, time or place of delivery or payment terms. Output contract - an agreement of a buyer to purchase a sellers entire products for a stated period of time. Requirements contract - an agreement of a seller to supply a buyer with all requirements for certain goods. The ways in which an offer may be terminated other than by acceptance are . Lapse of time, revocation, rejection, counteroffer, death, destruction of subject matter, illegality of contract.
