LW 221 Lecture 27: Chapter 1 Study Outline
Document Summary
Meeting of the minds (objective theory of contracts) (**see lw 221 course supplement as well) (12-1) A contract is formed by an offer and acceptance. Out(cid:449)a(cid:396)d sig(cid:374)s of a pe(cid:396)so(cid:374)"s i(cid:374)te(cid:374)t to e(cid:374)te(cid:396) into a contract which determines whether a contract has been entered into. Offer- an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms. Oferee- the person whom the offer is made. The mit(cid:272)hell"s pu(cid:396)(cid:272)hased the safe fo(cid:396) dolla(cid:396)s. it (cid:449)as late(cid:396) dis(cid:272)o(cid:448)e(cid:396)ed that i(cid:374) o(cid:374)e of the internal compartments within the safe was ,207. The (cid:272)ou(cid:396)t (cid:396)uled that the mit(cid:272)hell"s a(cid:396)e the legal o(cid:449)(cid:374)e(cid:396)s of the safe a(cid:374)d the (cid:373)o(cid:374)e(cid:455). The auctioneer made it clear that all sales were final and the items in the inside compartment was included in the sale. Statements that usually do not amount to offers. An invitation to bargain is not an offer.
