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Offer and Acceptance

Lessons. CHAPTER 7. Offer and Acceptance. 7-1 Creation of Offers 7-2 Termination of Offers 7-3 Acceptances. GOALS. LESSON 7-1. Creation of Offers. List the elements required to form a contract Describe the requirements of an offer. WHAT IS A CONTRACT?.

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Offer and Acceptance

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  1. Lessons Chapter 7 CHAPTER 7 Offer and Acceptance 7-1 Creation of Offers 7-2 Termination of Offers 7-3 Acceptances

  2. GOALS Chapter 7 LESSON 7-1 Creation of Offers List the elements required to form a contract Describe the requirements of an offer

  3. Chapter 7 WHAT IS A CONTRACT? • A contract is an agreement that courts will enforce. • Contracts between two parties are the basis for all economic activity. • Contracts are the legal links between the individuals and companies producing and consuming goods and services.

  4. Chapter 7 CONTRACT REQUIREMENTS There are six major requirements that must be satisfied before courts will treat transactions as contracts. • Offer and acceptance • Genuine assent • Legality • Consideration • Capacity • Writing

  5. Chapter 7 REQUIREMENTS OF AN OFFER • Expression of intent to create a legal obligation • Offer must be complete and clear • Offer must be communicated to the offeree

  6. GOALS Chapter 7 LESSON 7-2 Termination of Offers Describe how an offeror can end an offer Tell how an offeree can end an offer Explain how the parties can create offers that cannot be ended by the offeror

  7. Chapter 7 HOW CAN OFFERS BE ENDED? • Revocation by the offeror • Time stated in the offer • Reasonable length of time • Rejection by the offeree • Counteroffer • Death or insanity of either the offeror or offeree

  8. Chapter 7 HOW CAN AN OFFER BE KEPT OPEN? • Options • Firm offers

  9. GOALS Chapter 7 LESSON 7-3 Acceptances Discuss the requirements of an effective acceptance Determine at what point in time an acceptance is effective

  10. Chapter 7 HOW AREACCEPTANCES CREATED? • Who can accept an offer? • Acceptance must match the offer • Acceptance must be communicated to the offeror

  11. Chapter 7 ACCEPTANCE MUST MATCH THE OFFER • Mirror image rule • Goods

  12. Chapter 7 ACCEPTANCE MUST BE COMMUNICATED TO THE OFFEROR • Silence as acceptance • Unilateral acceptance • Bilateral acceptance • When acceptance is effective

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