Chapter 7. Offer and Acceptance. 7.1 Creation of Offers. Goals: *List the elements required to form a contract *Describe the requirements of an offer. What’s Your Verdict?.
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Offer and Acceptance
A couple may want their house painted. A painter measures the exterior of the house and promises to pain the house within 30 days for $3,000. This is the offer.
Tartop Co. advertised a used paving machine. The ad, which was mailed to hundreds of firms, read: ‘Used paving machine. Builds curbs and finishes cement work all in one process. Price $11,250.’
Why do the following situations qualify or not qualify as valid offers which could result in contracts if accepted?
Acceptance occurs when a party to whom an offer has been made agrees to the proposal.
In this Case: Ring Lost at Zuma Beach in front of beach house. Lady’s yellow-gold band with 12 small diamonds. Inside inscribed: “Like diamonds. Forever. Yours, J.R.J.” $1,000 reward. Call 555-8142.