BUSINESS LAW - CHAPTER 10 (Contract Agreement)
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- A mutual understanding or meeting
- of the minds between two or more individuals regarding the terms of a contract.
- A promise or commitment to
- perform or refrain from performing some specified act in the future.
ICE (What elements are neccesary for a good offer)
- Intent is serious (no jokes/emotions)
- Clearly Stated (not vague)
- Expressed to intended target (public or person)
TIRED (How to terminate an offer)
- Time Limit - Deadline
- Rejection or Revocation
- Expiration of reasonable time
- Death or Destruction (critical object/person ex: special skills (DaVinci example))
When the offeree says no to the offer
When the offeror takes the offer back before it is accepted
- An offeree’s response to an offer
- in which the offeree rejects the original offer and at the same time makes a
- new offer.
Mirror Image Rule
- A common law rule that requires
- that the terms of the offeree’s acceptance adhere exactly to the terms of the
- offeror’s offer for a valid contract to be formed.
Mailbox Rule / Deposited Acceptance Rule
- A common law rule that acceptance
- takes effect, and thus completes formation of the contract, at the time the
- offeree sends or delivers the acceptance via the communication mode expressly
- or impliedly authorized by the offeror.
- A contract under which the
- offeror cannot revoke the offer for a stipulated time period (because the
- offeree has given consideration for the offer to remain open).
- The act of voluntarily agreeing,
- through words or conduct, to the terms of an offer, thereby creating a
Uniform Electronic Transactions Act
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