Law 2
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American National University *
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523
Subject
Law
Date
Feb 20, 2024
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docx
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2
Uploaded by JudgeNightingale2436
9-1. How does a contract based on common law differ from one based on the Uniform
Commercial Code?
Common law covers contracts that cover real property, personal property, services and
employment contracts while the Uniform Commercial Code covers contracts involving the sale
of goods. The requirements for offer for Common Law include subject matter, price and quantity
while the price and other terms may be left open in Uniform Commercial Code. No consideration
is needed for Options agreements in UCC whereas Common Law requires consideration for all
option agreements. Contracts that must be in writing for Common Law include Real Estate
Contracts and those contracts whose execution would take over a year, in the case of UCC, the
Sale of goods over $500 with three exceptions need to be in writing. (Kubasek et al., 2016)
9-3. Describe the three requirements for a valid acceptance.
A valid acceptance must meet the following requirements.
i.
The offeree must show an intent to enter the agreement:
The offeree must show an intent to accept the offer verbally, written, or via actions as
with the offeror in making the offer in order for the acceptance to be considered valid.
ii.
The intent needs to be communicated by the appropriate means:
An acceptance may be conveyed via any reasonable means of communication. The
acceptance comes into effect when the acceptance is dispatched by the offeree, however,
if a specific means of communicating acceptance is stated, the offer only comes into
effect after the offeror receives the acceptance if another communication means is used.
iii.
The intent must satisfy the terms of the offer:
The terms of the offer must be satisfied in the acceptance, a counteroffer occurs when
the offeree proposes another offer which must also be accepted by the offeror. (Kubasek
et al., 2016).
9-4. Describe the three requirements for a valid offer.
For a legal offer to be valid, it must meet the following requirements.
i.
Objective intent to enter into the contract
: This means that there must be a
reasonably clear intent to enter a contract by the offeror. Such intent could be verbal,
written, or by actions.
ii.
Offer must be definite: This means that the offer must refer to a subject matter,
quantity, and price in the case of Common law, however, UCC makes exceptions for
price and other terms which are allowed to be left open.
Communication to the offeree by the offeror must be in place: This means that the offer must
be communicated by the person making the offer (offeror) to the offeree (Kubasek et al., 2016).
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