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CHAPTER 6 Offer and Acceptance

CHAPTER 6 Offer and Acceptance. 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances. 6-1 Creation of Offers. GOALS List the elements required to form a contract Describe the requirements of an offer. FOCUS. What distinguishes a contract from other agreements?.

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CHAPTER 6 Offer and Acceptance

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  1. CHAPTER 6Offer and Acceptance 6-1 Creation of Offers 6-2 Termination of Offers 6-3 Acceptances

  2. 6-1 Creation of Offers GOALS • List the elements required to form a contract • Describe the requirements of an offer Chapter 6

  3. FOCUS • What distinguishes a contract from other agreements? Chapter 6

  4. WHAT MUST BE IN A CONTRACT? • Offer and acceptance • Genuine assent • Legality • Consideration • Capacity • Writing Chapter 6

  5. What elements are required to form a legally enforceable contract? Chapter 6

  6. REQUIREMENTS OF AN OFFER • Contractual intent must be present • Jests • Statements made in anger or terror • Preliminary negotiations • Social agreements • Offer must be communicated to the offeree • Essential terms must be complete and definite Chapter 6

  7. What are the requirements of an offer? Chapter 6

  8. 6-2 Termination of Offers GOALS • Describe the various ways to end offers • Explain how an offeree can ensure an offer will remain open Chapter 6

  9. FOCUS • Can offers to contracts be terminated at different times depending on the subject matter of the offer? Chapter 6

  10. HOW CAN OFFERS BE ENDED? • Revocation by the offeror • Time stated in the offer • Reasonable length of time • Rejection by the offeree • Counteroffer • Death or insanity of either the offeror or offeree • Destruction of the specific subject matter Chapter 6

  11. Explain two ways in which offers can be terminated. Chapter 6

  12. HOW CAN AN OFFER BE KEPT OPEN? • Options—offeree give the offeror something of value in return for a promise to keep the offer open, this agreement is itself a binding contract. The offer may not be withdrawn during the period of the option. • Firm offers—offer made in writing Chapter 6

  13. How could an offeree ensure that an offer will stay open for a set period of time? Chapter 6

  14. 6-3 Acceptances GOALS • Discuss the requirements of an effective acceptance • Determine at what point in time an acceptance is effective Chapter 6

  15. FOCUS Scenario • John makes an offer to Paul. Paul is not interested, but Paul’s friend, who was standing nearby, hears the offer and says she accepts. Question • Has a contract been formed? Chapter 6

  16. WHAT IS REQUIRED OF AN ACCEPTANCE? • Only offerees may accept • The acceptance must match the offer • Acceptance must be communicated to the offeror • Silence, bilateral, unilateral acceptance • Modes of contractual communication • When acceptances are effective Chapter 6

  17. WHAT IS REQUIRED OF AN ACCEPTANCE? • Silence—offeree is not obligated to reply to offers made. Offers worded so that silence would appear to be an acceptance will not work. Chapter 6

  18. WHAT IS REQUIRED OF AN ACCEPTANCE? • Bilateral—requires that the offeree accept by communicating the requested promise to the offeror. Ex: Seller promises a load of topsoil for $65. Homeowner verbally accepts Chapter 6

  19. WHAT IS REQUIRED OF AN ACCEPTANCE? • Unilateral—offeree indicates acceptance by performing his/her obligations under the contract. Ex: Publicly posted reward for a lost item You find the item and return it Chapter 6

  20. What are the requirements of an effective acceptance? Chapter 6

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