Smith and Roberson's Business Law
16th Edition
ISBN: 9781285428253
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Question
Chapter 10, Problem 1CO
Summary Introduction
To discuss: Three essentials for an offer and the requirements associated with each.
Expert Solution & Answer
Explanation of Solution
Usually an offer is an indication of willingness by parties to enter into a contract. The three essentials of an offer are as follows,
- Communication: Under this, the offeree must be informed about the offer to accept it. The offer must be explicitly conveyed to the offeree and the offer should be properly authorized by offeror.
- Intent: An offer must demonstrate intent to enter into a contract if it is to have legal effect. The words need not be completely precise but only the intention to contract is clear. Invitation to offer, advertisements and auctions doesn’t be considered as intentional offers.
- Definiteness: Although a statement intended to be a common law offer does not need to cover all possibilities, it must be sufficiently clear on the key terms such as nature of the contract, quantity, price, payment terms, quality and length of the time (duration).
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Chapter 10 Solutions
Smith and Roberson's Business Law
Ch. 10 - Prob. 1COCh. 10 - Prob. 2COCh. 10 - Prob. 3COCh. 10 - Prob. 4COCh. 10 - Prob. 5COCh. 10 - Prob. 1QCh. 10 - Prob. 2QCh. 10 - Prob. 3QCh. 10 - Prob. 4QCh. 10 - Prob. 5Q
Ch. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Prob. 8QCh. 10 - Prob. 9QCh. 10 - Prob. 10QCh. 10 - Prob. 11QCh. 10 - Prob. 12QCh. 10 - Prob. 13QCh. 10 - Prob. 14CPCh. 10 - Prob. 15CPCh. 10 - Prob. 16CPCh. 10 - Prob. 17CPCh. 10 - Prob. 18CPCh. 10 - Prob. 19CPCh. 10 - Prob. 20CPCh. 10 - Prob. 21CPCh. 10 - Prob. 1TSCh. 10 - Prob. 2TSCh. 10 - Prob. 3TS
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Similar questions
- 1. What are the requirements for an offer? 2. How is an offer terminated? Describe the circumstances in which a counteroffer results.arrow_forwardExplain situations in which open tendering exercise might not be the bestapproach to making a purchasearrow_forwardWhat is the importance of the settlor? Provide an explanationarrow_forward
- Identify & explain 5 scenarios where an offer ends.arrow_forwardBill offers to sell his car to Tom for $9,000. Tom replies, “Your price is too high! I will offer to buy your car for $8,000.” Tom’s response is: A) a counteroffer B) a rejection of the original offer only C) the creation of a new offer only D) a refusal to deal.arrow_forwardmention the parties that would benefit from a businesa planarrow_forward
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