CONTRACT FORMATION Show
BILATERAL - A promise for a promise. UNILATERAL - A promise of an act. FORMAL - Requires a special form for creation. INFORMAL - Requires no special form for creation. EXPRESS - Formed by words. IMPLIED - Formed by the conduct of the parties. Review terms and
definitions Focus your studying with a path Get faster at matching terms Bill offers to sell his
house to Harry for $90,000. Harry tells Bill he will buy the house for $90,000 if Bill will fix the roof. Bill says he is not interested in fixing the roof. Harry then tells Bill he will still buy the house. Bill tells Harry the house is no longer for sale to Harry. Which statement is true? Furniture Store runs an ad in the local Sunday newspaper announcing a special sale on a Brandname chairside table. The ad states the price of the table, the dimensions, the SKU#, and what the table is made of. Other parts of the ad indicate the store's location, the hours, and a website where purchases may be made online. Joe goes to the store to purchase the table but sees another very similar table that is not on sale ("the regularly priced
table"). He offers to buy the regularly priced table from the store for the sale price of the Brandname table. The store says that it cannot sell it at the sale price, but it can sell it for 10% off the listed price. Joe says that is too much money to spend for the regularly priced table. Joe continues to shop around. Seeing nothing he likes, he decides to buy the regularly priced table for 10% off. When he goes to pay for the table, the store charges him full price. If challenged in court, the
court is most likely to: Furniture Store runs an ad in the local Sunday newspaper announcing a special Veteran's Day offer of a
free Brandname chairside table to the first three veterans who come into the store on Veteran's Day. The ad states the price of the table, the dimensions, the SKU#, and what the table is made of. Other parts of the ad indicate the store's location and its hours. Joe is a Veteran. He goes to the store on Veteran's Day, but he arrives after the hours listed in the ad and the store has closed. Joe sticks a post-it on the store door saying that he is a veteran and wants the table. Which of the
following statements is correct about his offer? Sets found in the same folderWhat elements are required for an offer to be effective under the common law choose three answers?Offers at common law required three elements: communication, commitment and definite terms.
What elements are required for an offer to be effective under the common law quizlet?The offer must be profitable for the offeror. The offer must be in writing. You need the intent to be bound by an acceptance. The offer must be properly communicated to the offeree.
What are the three requirements of an offer quizlet?Requirements for an offer: serious intent, clear and reasonable definite terms, communication to the offeree.
What is an offer what are the elements necessary for an effective offer?Elements of an offer include the offer and acceptance. All parties must be competent when it comes to giving and accepting the offer. The information discussed must be lawful and be rooted in mutuality of agreement and obligation. An offer entails a promise that's conditional upon certain conditions.
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