LAW 122 Study Guide - Parol Evidence Rule, Himalaya Clause, False Statement
19 Dec 2013
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Cross offer i will sell i will buy (only offers) At a distance general rule instant comm. Postal rule: non-instantaneous: contract formed when dropped letter in mailbox not when received. Instantaneous: contract formed when acceptance heard not when spoken b: by performance (p. 176) Unilateral offeree promises pay for when an act is fully performed with intention of accepting offer. Offeror is entitled to revoke his offer any time before acceptance. Cannot revoke offer if in process of accepting. Intentions using reasonable persons test doesn"t matter what the parties are thinking. Reasonable person wouldn"t know x was secretly Meeting of minds (shared decision to enter on legal terms) Exchange of value (both gave up something) Intention to create (assume none for family and friends) Invitation to treat (willingness to receive offers) Only invitation: display on store shelf, price tag, Yes offers: ad w/ ltd qty. , signing credit app, ordering food, sitting down @ barber shop.
