BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
16th Edition
ISBN: 9781305768697
Author: Mann
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
BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
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
- What are the Bidder's obligations?arrow_forward(1) Describe a contract you've entered into. (2) Identify the offeror, (3) the offeree and (4) the consideration. Make your post detailed and interestingarrow_forwardWhat are the key considerations in managing sales and lease contracts to optimize profitability and mitigate risks for a business?arrow_forward
- What are the two exceptions to the general rule that an entity should allocate the transaction price based on the relative standalone selling price? Are the percentage-of completion and the completed contract methods both viable alternatives for a given contract Explain Does aggregating the five components of pension cost always result in a reduction in income? Do corporations report the projected benefit obligation and the plan assets as individual accounts on the sponsor corporation’s balance sheet?arrow_forwardGenerally, an offeree’s power of acceptance is terminated when the offeror or offeree dies. Group of answer choices True Falsearrow_forwardHow do nonresidential and residential transactions compare with respect to the duties and disclosures of three authorized relationships discussed in the Brokerage Relationship Disclosure Act? The licensee duties in the relationships are the same for both types of transactions, but the disclosure requirements apply only to nonresidential transactions. The duties in the relationships are the same for both types of transactions, but the disclosure requirements apply only to residential transactions. Licensee duties and disclosure requirements apply only to nonresidential transactions. Licensee duties and disclosure requirements apply only to residential transactions.arrow_forward
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