LW 121 Test 1
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AUCTION WITH RESERVE-
reserves the right to withdraw item fromauction. Not auctioneer making the offer. Bidder makes offer to buy, contact made when auctioneer accepts highest bidder.
AUCTION WITHOUT RESERVE-
- Auctioneer must sell to highest bidder. Bidder can accept or go higher in bidding.
- Will always be stated.
MAIL BOX RULE-
acceptance is effective upon dispatch
- Formed through offer & acceptance.
- Voluntary consensual transaction entered into by mutual consent for benefit of both partier
person to whom offer is being made.
what a reasonable person would conclude
- Objective intent to make offer
- Objective theory of contracts
- NOT out of anger or ajoke,
- Mirror image
- Mailbox rule
- Must be on same terms asoffer
MIRROR IMAGE RULE-
acceptance must be on the same terms as the offer.
New offer from person offer was being given too previously.
TERMINATION OF OFFER-
- Lapse of time (after time offer was for)
- An offer can be revoked anytime prior to acceptance
- most contracts an exchange of promises.
- PROMISE for PROMISE
can only be accepted by actual performance. Reward offer- the offer is only accepted by performance.
DEATH OF OFFEROR-
automatically revokes offer
DEATH OF PARTY TO A CONTRACT-
death does not invalidate or terminate contract is still intact.
An advertisement is not an offer. It is to let peopleknow offers are being accepted.
OBJECTIVE THEORY OF CONTRACTS-
outward signs of a person’s intent to enter into a contract determines whether a contract has been entered into.
DEATH TO PERSONAL SERVICES CONTRACT-
death is termination of the contract EXAMPLES: heath ledger from batman movie.
the obligation to decide current cases based on previousrulings.
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