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Chapter 9 Contracts: Agreement

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Chapter 9 Contracts: Agreement Learning Objectives What elements are necessary for an effective offer? What are some examples of non-offers? In what circumstances will an offer be irrevocable? What are the elements that are necessary for an effective acceptance?

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Presentation Transcript
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Learning Objectives
  • What elements are necessary for an effective offer?
  • What are some examples of non-offers?
  • In what circumstances will an offer be irrevocable?
  • What are the elements that are necessary for an effective acceptance?
  • Can silence ever operate as an acceptance?
requirements of the offer
Requirements of the Offer
  • An agreement consists of a valid offer and acceptance.
  • An offer is the Offeror’s promise to perform. An offer requires:
    • Serious, objection intention
      • Opinions are not offers
      • Good Intentions are not offers
      • Preliminary Negotiations are not offers
      • Agreements to Agree are not offers
requirements of the offer4
Requirements of the Offer
  • An offer requires (continued):
    • Reasonably definite terms so that a court can determine if a breach has occurred and give an appropriate remedy.
    • Communication to Offeree
termination of the offer
Termination of the Offer
  • Termination By Act of the Parties
    • Revocation by Offeror
      • Generally, a revocation is effective upon receipt.
      • Irrevocable offers and option contracts cannot be revoked.
    • Rejection by Offeree (or counteroffer) when received by Offeror.
termination of the offer6
Termination of the Offer
  • Termination by Operation of Law
    • Lapse of Time: specified in offer.
    • Destruction of the Subject Matter before acceptance.
    • Death of Incompetence of the Offeror or Offeree.
    • Supervening Illegality of the Proposed Contract.
acceptance
Acceptance
  • Voluntary act by Offeree that shows assent to terms of original offer.
    • Intended Offeree must accept.
  • Unequivocal Acceptance: Mirror Image Rule
    • Offeree must unequivocally accept offer.
    • Additional terms may be considered a counteroffer.
  • Acceptance by Silence
    • Only if Offeree benefited from service and had the opportunity but did not reject.
acceptance8
Acceptance
  • Communication of Acceptance
    • Authorized Means of Communication is either express or implied by form of offer (e.g., U.S. mail, fax, email)
    • “Mailbox Rule”: Offeree accepts offer when the acceptance is dispatched to Offeror in the form it was received, unless offer requires a different method (e.g., Fed-Ex, or receipt by Offeror).
acceptance9
Acceptance
  • Exceptions to “Mail Box” Rule (authorized means):
    • Acceptance not properly dispatched
    • Offer is conditioned on receipt by certain time
    • First communication received by Offeror determines whether a contract is formed
technology acceptances
Technology & Acceptances
  • Mailbox Rule Today…
    • Mailbox rule today is virtually obsolete
    • Internet makes communications almost instantaneous
  • Discussion: what if email sent but server problem prevents it from being received, or received but unreadable?
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