How to Analyze Termination of the Offer on a Contracts Essay
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How to Analyze Termination of the Offer on a Contracts Essay
CONTRACT FORMATION
A traditional, enforceable contract is formed when there is: (1) mutual assent between the parties; and (2) adequate consideration.
MUTUAL ASSENT
Mutual assent between the parties is present when there is a valid offer and acceptance.
TERMINATION OF THE OFFER
If a valid offer is terminated at any time before acceptance, the offer is invalidated. It cannot be accepted or revived unless a new offer is made.
An offer is terminated if any of the following occur at any time before acceptance: (1) the offeror revokes the offer by express communication to the offeree (unless the offer is irrevocable - see below); (2) the offeree learns that the offeror has taken an action that is absolutely inconsistent with a continuing ability to contract; (3) the offeree rejects the offer; (4) the offeree makes a counteroffer; (5) the offeror dies; or (6) a reasonable amount of time passes.
IRREVOCABLE OFFERS
Generally, the offeror is free to revoke an offer at any time prior to acceptance. However, there are four main types of offers that are irrevocable: (1) option contracts; (2) UCC firm offers; (3) offeree started performance on a unilateral offer; and (4) detrimental reliance.
Option Contract
An offer is irrevocable if consideration is given in exchange for a promise to keep the offer open (e.g., “I promise not revoke this offer for one week if you pay me an additional $100 to keep the offer open.”).
UCC Firm Offer
Under the UCC, an offer is irrevocable if a MERCHANT makes a firm offer to buy or sell goods, provided that the offer: (1) is in writing; (2) contains an explicit promise to not revoke the offer; and (3) is signed by the merchant.
The UCC defines a merchant as "a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction." (UCC § 2-104).
A firm offer will last either as long as stated in the offer or for a reasonable amount of time not to exceed 90 days.
Offeree Started Performance on a Unilateral Offer
A unilateral offer to contract is irrevocable once the offeree starts performance. A unilateral offer arises from a promise that requests acceptance by performance, as opposed to a bilateral offer, which arises from a promise that requests acceptance by a return promise.
Detrimental Reliance
An offer is irrevocable if the offeree reasonably and detrimentally relies on the offer in a foreseeable manner.
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![Contract Law: Termination of the Offer and Irrevocable Offers [LEAP Preview]](/img/d.gif)
Пікірлер: 16
Thank you. I'm skipping the other commercial courses and will be going with studicata. Your explanations are second to none!
You are the greatest. Seriously- my contracts professor is very unclear at times and your videos have really helped me get through the semester without being too stressed about the material.
@lydiamarie6411
2 жыл бұрын
I think ALL CONTRACT Professors are unclear af!!!! Mine is horrible....these video's help sooo much.
These vids match with Contracts Farnsworth 8th edition perfectly. Thank you
Excellent video
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The irrevocable offer exception for detrimental reliance is essentially primary estoppel, yes?
I love you man...
Question: Under an option contract to purchase land(consideration provided by rent/lease agreement), I reject the option to purchase the land… the next day(within the time frame provided), I say I accept… is the offer terminated even though it’s under an option contract?
What about destruction of property and supervening illegality?
@studicata
5 жыл бұрын
Good question! Yes. Destruction of property and supervening illegality can terminate the offer if these acts occur before acceptance. However, once the offer is accepted, destruction of property and supervening illegality generally operate as excuses that can discharge a party's duty to perform under the contract. Notably, I plan to cover all of this is in greater detail when we get to our videos on performance.
In regards to constructive revocation, what if the offeree accepted and had not discovered the offeror had sold the marker to someone else? Is the offer still open so long as the offeree is not aware of the offerors actions?
@savannahdavis6438
3 жыл бұрын
Revocation has to be communicated either directly or indirectly with the offeree. If there is no communication, there is no revocation. However, the revocation can be indirectly communicated ONLY if the source is reliable. As in, an item that was offered to you by person A is sold to your neighbor and they tell oh wow I got a great day on xyz from person A. Even if you say wait they offered it to ME!!! It doesn’t matter, the revocation is now indirectly communicated, and the offer no longer exists. You can’t then go to person A and say YES I accept!! Hope that helped
How about the incapacitation for point 5 (in lieu of death)? Wouldn't that be an element that voids the offer?
Because insecurities aren't constructive
For Senate to defend their position in law against the narcissist, they have to get an attitude and be firm with the guys asking you to let them anyways. Jesus doesn't afford that attitude. Why? Because it's not the females job in honor.