Term
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Definition
| an offer and an acceptance |
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Term
| elements of an offer (3) under common law |
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Definition
| 1) serious intent by offeror to be bound to an agreement; 2)reasonably definite terms; 3) communication to the offeree |
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Term
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Definition
| commitment to being bound by the offeree's acceptance |
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Term
| in determining intent to enter a contract, the court looks at _. |
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Definition
| the person's objective manifestation of intent, not what the person was thinking |
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Term
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Definition
| the seller is expressing intent to receive offers; the auctioneer may withdraw the item from auction at any time |
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Term
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Definition
| the seller is treated as making an offer to accept the highest bid and therefore must accept it |
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Term
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Definition
| all the terms of the offer must be included in the contract |
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Term
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Definition
| allow the court to determine damages in the event that on of the parties breaches the contract |
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Term
| ways to terminate the contract |
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Definition
| 1) revocation by the offeror; 2) rejection or counteroffer by offeree; 3)death or incapacity of the offeror; 4) destruction or subsequent illegality of the subject matter of the offer; 5) lapse of time (offer expires) |
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Term
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Definition
| the offeree gives the offeror a piece of consideration in exchange for holding the offer open for the specified period of time |
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Term
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Definition
| the terms of the acceptance must mirror the terms of the offer |
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Term
| does silence generally constitute acceptance? |
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Definition
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Term
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Definition
| acceptance by mail is effective when placed in mailbox; however, revocation of the offer effective only when received by the offeree |
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