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Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 10 - Mallor, Barnes, Bowers, Langvardt

Upon completion of this lesson, the successful participant will be able to: Explain the elements of an offer under both the UCC and common law, distinguish advertisements from mere invitations to negotiate, describe circumstances for termination of an offer. | Contracts Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Contracts Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. The Agreement: Offer P A E T R H C 10 “There is nothing more likely to start disagreement among people or countries than an agreement.” E.B. White Learning Objectives Requirements for an offer Intent Definiteness of Terms Special Problems Termination of an offer 10 - An offer is a promise conditional on an act, return promise, or forbearance (refraining from doing something) Parties to a contract must have intent to enter binding agreement, terms must be definite, and the offer must be communicated to the offeree Requirements for an Offer 10 - Courts use the objective . | Contracts Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Contracts Capacity to Contract Illegality Writing Rights of Third Parties Performance & Remedies 3 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. The Agreement: Offer P A E T R H C 10 “There is nothing more likely to start disagreement among people or countries than an agreement.” E.B. White Learning Objectives Requirements for an offer Intent Definiteness of Terms Special Problems Termination of an offer 10 - An offer is a promise conditional on an act, return promise, or forbearance (refraining from doing something) Parties to a contract must have intent to enter binding agreement, terms must be definite, and the offer must be communicated to the offeree Requirements for an Offer 10 - Courts use the objective theory of contracts to determine intent: Would a reasonable person judge the offeror’s words and acts in the context of the circumstances to signify intent? Definiteness requires that the offer cannot be vague about major points Price, quantity, delivery, and time for payment term left open may be filled by inserting presumptions in Code’s rules Details 10 - Example of definiteness: “I’ll paint your house until I’m tired” is vague, but “I’ll finish painting your house in three days” is definite Article 2 sales contracts can be created “in any manner sufficient to show agreement, including conduct ” [2–204(1)] Case example of Armstrong v. Rohm and Haas Company, Inc.: Facts: Plaintiffs worked at a manufacturing plant closed by RH, which gave employees a choice: accept a severance package or transfer to another facility Plant manager told plaintiffs to accept severance and begin a company, stating that RH “would like to” give plaintiffs “all [outsourced] work” Plaintiffs followed manager’s