THE AGREEENT OFFER UMD该协议提供UMD.pptVIP

THE AGREEMENT: OFFER “There is nothing more likely to start disagreement among people or countries than an agreement.” E.B. White CONTRACT LAW Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Capacity to Contract Illegality Writing Rights of Third Parties Performance Remedies DEFINITION OF AN OFFER A PROMISE CONDITIONAL ON AN ACT, RETURN PROMISE OR FORBEARANCE (REFRAINING FROM DOING SOMETHING) PARTIES TO A CONTRACT OFFEROR = MAKES THE OFFER OFFEREE = RECEIVES THE OFFER Learning Objectives Requirements for an offer Special Problems Termination of an offer Parties to a contract must have … intent to enter binding agreement, (2) terms must be definite, and the (3) offer must be communicated to the offeree Courts use the objective theory of contracts: Would a reasonable person judge the offeror’s words and acts in the context of the circumstances to signify intent? Lucy v. Zehmer NOT: obviously joking, haggling, equivocating DEFINITENESS OF TERMS COMMON LAW I.E. PARTIES, PRICE, SUBJECT MATTER, QUANTITY, TIME OF PERFORMANCE POLICY: ID BREACH AND GIVE REMEDY ARMSTRONG V. ROHM HAAS CO. UCC OPEN TERMS OKAY GAP FILLING RULES POLICY: REASONABLY CERTAIN BASIS TO PROVIDE A REMEDY GENERAL RULE: NOT OFFERS (but are invitations to offer or negotiate) Examples: flyers, handbills, catalogs listing prices, “for sale” ads in newspaper or yard Sales puffery is not an offer Leonard v. Pepsico, Inc. (the Harrier jet case) Advertisements offering rewards for lost property, information, or capture of criminals are treated as offers for unilateral contracts Sellers at auctions and advertisements for bids are generally treated as making an invitation to offer, so those who bid are making an offer that the seller may accept or reject TERMINATION OF THE OFFER ACTION OF THE PARTIES REVOCATION = any time before acceptance, except: 1. Option Contract 2. Unilateral Contract and offeree b