What must parties manifest for a contract to be valid?
What are the three elements of an effective offer?
How is serious intent in an offer determined?
By what a reasonable person in the offeree's position would conclude from the offeror's words and actions.
How do statements made in anger, jest, or undue excitement affect serious intent?
Offers made in obvious anger, jest, or undue excitement do not meet the serious-objective intent test and are ineffective.
What principle was held in Lucy v. Zehmer?
A person cannot claim mere jest when their words and conduct would lead a reasonable person to believe they intended a real agreement.
Name five situations where intent to offer may be lacking.
Why must offer terms be reasonably definite for courts?
So the court can ascertain the contract terms and determine if a breach occurred and provide an appropriate remedy.
What does the communication element of an offer require?
The offer must be communicated to the offeree.
When can an offeror revoke an offer by default?
Unless otherwise stated, the offeror can revoke the offer if the revocation is communicated to the offeree before acceptance.
What two ways may revocation be accomplished?
What is the mirror-image rule?
Acceptance must match the offer exactly; any change or addition terminates the offer and substitutes a counteroffer.
What effect does a counteroffer have on the original offer?
A counteroffer is a rejection of the original offer and simultaneously makes a new offer.
List four ways an offer can be terminated by operation of law.
What happens to an offer if the offeror or offeree dies before acceptance?
The offer is automatically terminated if the specific subject is destroyed or if death or incompetence occurs before acceptance.
When does an offer terminate if the subject matter is destroyed before acceptance?
The offer terminates if the matter of the offer is destroyed before acceptance.
How does the death or legal incapacity of a party affect the offeree's power of acceptance?
The offeree's power of acceptance is terminated when the offeror or offeree dies or is legally incapacitated, unless the offer is irrevocable.
What constitutes acceptance in normal negotiations?
Acceptance is a voluntary act by the offeree that shows assent to the terms of an offer.
In what forms may acceptance occur?
Acceptance may consist of words or conduct.
What requirements must acceptance meet to be valid?
Acceptance must be unequivocal and must be communicated to the offeror.
What is required to form a contract via an online offer according to the notes?
Formation via an online offer requires acceptance of the terms and conditions.
What must parties manifest for a contract to be valid?
What are the three elements of an effective offer?
How is serious intent in an offer determined?
By what a reasonable person in the offeree's position would conclude from the offeror's words and actions.
How do statements made in anger, jest, or undue excitement affect serious intent?
Offers made in obvious anger, jest, or undue excitement do not meet the serious-objective intent test and are ineffective.
What principle was held in Lucy v. Zehmer?
A person cannot claim mere jest when their words and conduct would lead a reasonable person to believe they intended a real agreement.
Name five situations where intent to offer may be lacking.
Why must offer terms be reasonably definite for courts?
So the court can ascertain the contract terms and determine if a breach occurred and provide an appropriate remedy.
What does the communication element of an offer require?
The offer must be communicated to the offeree.
When can an offeror revoke an offer by default?
Unless otherwise stated, the offeror can revoke the offer if the revocation is communicated to the offeree before acceptance.
What two ways may revocation be accomplished?
What is the mirror-image rule?
Acceptance must match the offer exactly; any change or addition terminates the offer and substitutes a counteroffer.
What effect does a counteroffer have on the original offer?
A counteroffer is a rejection of the original offer and simultaneously makes a new offer.
List four ways an offer can be terminated by operation of law.
What happens to an offer if the offeror or offeree dies before acceptance?
The offer is automatically terminated if the specific subject is destroyed or if death or incompetence occurs before acceptance.
When does an offer terminate if the subject matter is destroyed before acceptance?
The offer terminates if the matter of the offer is destroyed before acceptance.
How does the death or legal incapacity of a party affect the offeree's power of acceptance?
The offeree's power of acceptance is terminated when the offeror or offeree dies or is legally incapacitated, unless the offer is irrevocable.
What constitutes acceptance in normal negotiations?
Acceptance is a voluntary act by the offeree that shows assent to the terms of an offer.
What requirements must acceptance meet to be valid?
Acceptance must be unequivocal and must be communicated to the offeror.
What is required to form a contract via an online offer according to the notes?
Formation via an online offer requires acceptance of the terms and conditions.
An offer ends automatically by these events: 1. Lapse of time (expiration as stated or after a reasonable time). 2. Destruction of the specific subject matter before acceptance. 3. Death or incompetence of offeror or offeree (unless the offer is irrevocable). 4. Supervening illegality that makes performance unlawful.
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