BL 260 Chapter Notes - Chapter 12: Estoppel, Posting Rule, Bound 2
Document Summary
Promise to do, or not to do, something. Binding if accepted and other contract elements met. Made by the offeror to the offeree: offeror"s serious intent to be bound, terms of the offer must be definite, offer must be communicated to the offeree. First of four required contract elements (agreement, consideration, contractual capacity, legality. Contract only formed after both offer and acceptance. In negotiation, can be difficult to determine what is an offer and what is an acceptance. Timing and wording matter and can determine whether or not a contract was formed. Must meet all 3 for a valid offer. Objective theory of contracts (ask, would a reasonable person think there was serious intent to be bound) No intent when offer is objectively in anger or in jest. Lucy wants to buy zehmer"s farm and asks him about it with a bottle of whiskey in hand.
