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Law for Business

Law for Business. Mr. Bernstein Contracts: Offer and Acceptance, pp 110-120 October 21-3, 2014. Law for Business Mr. Bernstein. Contracts A Private, Voluntary Agreement to Exchange Valuable Things or Promises An Agreement in a Form Courts Will Enforce

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Law for Business

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  1. Law for Business Mr. Bernstein Contracts: Offer and Acceptance, pp 110-120 October 21-3, 2014

  2. Law for BusinessMr. Bernstein Contracts A Private, Voluntary Agreement to Exchange Valuable Things or Promises An Agreement in a Form Courts Will Enforce The Basis for All Economic Activity Without solid contract law, how would an economy operate? “Law of the Jungle” Risk Aversion by Businesses Lower Standard of Living (except for the King of the Jungle?)

  3. Law for BusinessMr. Bernstein Requirements of an Enforceable Contract • Offer and Acceptance – Serious, definite offer, accepted in full • Genuine Assent – Cannot be based on deception, an important mistake, or unfair pressure • Legality – Items or services exchanged must be legal

  4. Law for BusinessMr. Bernstein Requirements of an Enforceable Contract, cont. • Consideration – Both parties must receive something of value • Capacity – Both parties must be legally able to contract • Writing – Some agreements must be in writing

  5. Law for BusinessMr. Bernstein Legal Offer • The offerer must appear to intend to create legal obligation, using reasonable person standard • Terms must be clear and complete • Offer must be communicated to an intended offeree

  6. Law for BusinessMr. Bernstein Terminating an Offer Offerer can generally revoke anytime Time period of offer can be stated If no time period is stated, reasonable period of time is used, specific to that industry Rejection or counteroffer revokes initial offer – no right to a “second look”

  7. Law for BusinessMr. Bernstein Accepting an Offer Must be made by the party the offer was intended to reach Must match the terms of the offer fully Must be communicated to the offerer – generally silence cannot constitute acceptance Unilateral acceptance are accepted by performing actions outlined in contract

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