BSL 212 Lecture Notes - Lecture 4: Contract, Consideration, Mirror Image
19 Jan 2017
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Definiteness: must be sufficiently definiteness, must contain all the material terms (quality, quantity, etc. ) Counteroffer: a counterproposal made by the offeree indicating a willingness to make a deal under different terms (law says it"s a rejection and a new offer) Death/incompetence: if one party dies or loses contractual capacity, any offer that hasn"t been accepted then terminates. Destruction: subject matter of the offer is destroyed. Illegality: if the performance of the offer the contract proposes is illegal, then the offer is ended. Revocation: offeror has the power to revoke an offer at any time before acceptance even if the offeror promised to keep the offer open. Option contract: offeror offers to keep contract open for a specific amount of time with valuable consideration (ie ) Firm offer under ucc: merchant making the contract and a signed writing (bound to keep offer open for specified time: merchant: someone who regularly deals a particular good.
