Lecture Dynamic business law (3/e) - Chapter 14: Agreement. After reading this chapter, you will be able to answer the following questions: What are the elements of a valid offer? How may an offer terminate? What are the elements of an acceptance?.
Trang 1Agreement
Trang 2 Manifestation of offeror’s intent to be bound
Definite and certain terms (including subject matter, price,
quantity, quality, and parties)
Communication of offer to offeree (or offeree’s agent)
Trang 3 Auction With Reserve
Seller merely expresses intent to receive offers
Auctioneer (as representative of seller) may withdraw item from auction at any time before “hammer falls”
Before hammer falls (signaling acceptance of offer),
bidder/offeror may revoke bid
Auction Without Reserve
Trang 4 Revocation
Rejection
Counteroffer
Death/Incapacity of offeror
Destruction of subject matter of offer
Subsequent illegality of subject matter of offer
Lapse of time
Failure of condition(s) specified in offer
Trang 5offer
Rule)
Trang 6Acceptance by mail effective when placed
in mailbox; however, revocation of offer
effective only when received by offeree