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Offer and Acceptance

Offer and Acceptance. Creating an offer. Key Words . Contract - An agreement between two or more parties that creates obligations. Offeror - The person who makes the offer. Offeree - The person to whom the offer is made.

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Offer and Acceptance

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  1. Offer and Acceptance Creating an offer

  2. Key Words • Contract- An agreement between two or more parties that creates obligations. • Offeror- The person who makes the offer. • Offeree- The person to whom the offer is made. • Offer- A proposal by an offeror to do something, provided the offeree does something in return.

  3. Requirements of a contract: 1. Offer and Acceptance- The terms of the offer must be definite and accepted without change by the party to whom it was intended to be offered.

  4. Requirements of a contract: • Offer and Acceptance- The terms of the offer must be definite and accepted without change by the party to whom it was intended to be offered. 2. Genuine Assent- The agreement must not be based on one party’s deceiving another, or on the use of unfair pressure.

  5. Requirements of a contract: 1. Offer and Acceptance- The terms of the offer must be definite and accepted without change by the party to whom it was intended to be offered. 2. Genuine Assent- The agreement must not be based on one party’s deceiving another, or on the use of unfair pressure. 3. Legality- What the parties agree to must be legal.

  6. Requirements of a contract: 4. Consideration- The agreement must involve both sides receiving something of value.

  7. Requirements of a contract: 4. Consideration- The agreement must involve both sides receiving something of value. 5. Capacity- The parties must have the legal ability to contract for themselves.

  8. Requirements of a contract: 4. Consideration- The agreement must involve both sides receiving something of value. 5. Capacity- The parties must have the legal ability to contract for themselves. 6. Writing- Some agreements must be placed in writing to be fully enforceable in court.

  9. Three tests that an offer must pass to be legally enforceable: • Contractual intent must be present in the offer.

  10. Contractual Intent • Jests- statements made in a joking fashion have no contractual intent. • Statements made in anger or terror have no contractual intent. • Preliminary negotiations have no contractual intent. • Social agreements have no contractual intent.

  11. Three tests that an offer must pass to be legally enforceable: • Contractual intent must be present in the offer. 2. The offer must be communicated to the offeree

  12. A person who is not the intended offeree cannot accept the offer. • A person can not accept an offer without knowing it has been made.

  13. Three tests that an offer must pass to be legally enforceable: • Contractual intent must be present in the offer. 2. The offer must be communicated to the offeree 3. The essential terms of the offer must be complete and definite.

  14. Complete: • Identify the price • Identify the subject matter • Identify the quantity • Definite: • Each essential term must be identified clearly • Selling a used car must identify which specific car (VIN), make and model, price and payment terms, warranties, delivery of vehicle, and title)

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