Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
17th Edition
ISBN: 9781337094566
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Question
Chapter 10, Problem 1CO
Summary Introduction
To discuss: Three essentials for an offer and the requirements associated with each.
Expert Solution & Answer
Explanation of Solution
Usually an offer is an indication of willingness by parties to enter into a contract. The three essentials of an offer are as follows,
- Communication: Under this, the offeree must be informed about the offer to accept it. The offer must be explicitly conveyed to the offeree and the offer should be properly authorized by offeror.
- Intent: An offer must demonstrate intent to enter into a contract if it is to have legal effect. The words need not be completely precise but only the intention to contract is clear. Invitation to offer, advertisements and auctions doesn’t be considered as intentional offers.
- Definiteness: Although a statement intended to be a common law offer does not need to cover all possibilities, it must be sufficiently clear on the key terms such as nature of the contract, quantity, price, payment terms, quality and length of the time (duration).
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Chapter 10 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
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