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ES 2.00 UNDERSTAND CONTRACT LAW

ES 2.00 UNDERSTAND CONTRACT LAW. Obj. 2.01 Understand the elements and characteristics of a contract. Elements of a Contract. Offer Acceptance Genuine Agreement/Assent Consideration Capacity Legality All elements MUST be present to be an enforceable contract. OFFER.

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ES 2.00 UNDERSTAND CONTRACT LAW

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  1. ES 2.00 UNDERSTAND CONTRACT LAW Obj. 2.01 Understand the elements and characteristics of a contract

  2. Elements of a Contract • Offer • Acceptance • Genuine Agreement/Assent • Consideration • Capacity • Legality All elements MUST be present to be an enforceable contract.

  3. OFFER Proposal by one party to another with intent to create a legal binding agreement • Offeror • Makes the offer • Offeree • Offer made to this person

  4. Requirements of an Offer • Serious Intent • Must intend to make the offer • Advertisements? • No serious intent • Known as an invitation to negotiate • Definite and Certain • Must use definite words • Communicated to the Offeree • Phone, fax, Internet, letter, etc

  5. Termination of Offer • Revocation – Taking back of an offer by offeror • Rejection – Refusal by the offeree • Counteroffer – Any change in the terms of the offer • Death – Offeror dies • Insanity – Offeror is declared insane • Expiration of Time – If the offeror puts a time limit on the offer and it has passed • Destruction of the subject matter

  6. Options & Firm Offers • Option – the offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time • Firm Offer – a written offer for goods that states the period of time during which the offer will stay open • No additional consideration is required • Maximum period of time set by the UCC – 3 months • Offeror must be a merchant who deals in related goods on a daily basis

  7. ACCEPTANCE Unqualified willingness by the offeree to go along with the offer Mirror Image Rule Terms of the acceptance must match exactly (mirror) the terms of the offer Any change means there is no acceptance (counteroffer)

  8. Methods of Acceptance • Bilateral Acceptance • Offer is accepted by offeree through communication of the promise to the offeror • Only requires giving a promise to perform, not performance itself • Most offers are bilateral • Unilateral Acceptance • Offeror promises something in return for offeree’s performance and indicates that performance represents acceptance • Silence as Acceptance • Does not represent acceptance • Offeror cannot word offer in a way that silence would be considered acceptance

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