BLAW Chapter 11

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Author:
abifulco
ID:
13484
Filename:
BLAW Chapter 11
Updated:
2010-04-08 02:23:22
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Chapter 11 Definitions
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Description:
Business Law Chapter 11 Definitions/Vocabulary
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  1. offeree can do three things to an offer
    reject the offer (make a counter offer), say nothing (silence), reject the offer
  2. burden of proof is on the
    plaintiff who is suing for a breach of contract- must prove that there was a contract between the two parties
  3. statement made by the offeror must contain these two parts
    • (1) what the offeror promise she will do
    • (2) what the offeree demands in return
    • need these two parts in order for the statement to work
  4. preliminary negotiation
    invitation
  5. form of offer can be
    written, oral, by letter, email, fact
  6. offeror must intend to make the offer by doing at they look at
    reasonable man concept (couldn't be wasted for example)
  7. what must be state with certainty?
    price and/or credit terms and time
  8. 4 specific situations involving offers
    advertisement in a newspaper, reward notice, bid, auction (similar to bids)
  9. advertisement in a newspaper is generally
    not considered offers, considered preliminary negotiations
  10. reward notice
    the offeror looks to pay a reward if the offeree completes a certain task- unilateral contract
  11. an auctioneer is the?
    the audience is the
    • (1)offeree
    • (2) offeror (because u make the bid on the item)
  12. the offeree auctioneer can reject the highest bid unless?
    the auction is stated without reserve
  13. 7 ways an offer can terminate
    a provision in the offer, the offer will terminate within a reasonable time, revocation, if the offeree rejects offer, if either party dies or becomes insane prior to acceptance than offer is terminated, destruction of the subject matter prior to acceptance, intervening illegality
  14. a provision of the offer
    says the offer will terminate at a certain date (need termination date)
  15. the offer will terminate within a reasonable time without provision only occurs
    when there is no provision (no set time)
  16. revocation
    if the offeror revokes the offer prior to acceptance- must be informed
  17. two types of offers
    • option (irrevocable offer)
    • not an option (revocable option- not support by consideration)
  18. revocation does not become effective until
    the person receives the revocation
  19. if the offeree rejects the offer it doesn't include
    silence
  20. conditional acceptance
    amounts to a rejection in a counter offer
  21. mirror image
    offering the offer as it is stated
  22. in a unilateral contract you must
    know about the award
  23. if you want to revoke the contract you have to do it the
    same way you offered it
  24. silence is considered a
    dangling offer
  25. consumer protection law
    if you do not order a product in the mail and you receive one without your consent, you can use it and not pay for it
  26. communication of acceptance
    at what precise moment is it accepted
  27. stipulated offer
    offer says time place and method of acceptance, rule is the offeree in order to accept the offeree must comply with the stipulation to accept the offer
  28. if stipulations aren't made?
    THE OFFER IS INVALID
  29. expressed offer means you do it
    voluntarily
  30. implied doesn't
    say how you are suppose to reply therefore any reasonable method can be used to accept the offer

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