Contracts Midterm
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9 questions
| 🇬🇧 | 🇬🇧 |
| Elements of an offer | Intent to enter a bargain, certain and definite terms, communicated to all parties, a reasonable understanding that a contract will form if accepted |
| Unilateral contract | Acceptance is an offeree's complete performance |
| Second restatement of contracts sec. 24 | An offer is a manifestation of willingness to enter a bargain as to justify another person in a reasonable understanding that their assent is invited to be included in the bargain |
| Second restatement of contracts sec. 45 (1) | Where an offer invites an offeree to accept by rendering performance and does not invite a promissory acceptance, an option contract is created when the offeree tenders or begins the invited performance or tenders the beginning of it |
| Second restatement of contracts sec. 45 (2) | The offeror's duty of performance under any option contract so created is conditional on completion or tender of the invited performance in accordance with the terms of the offer |
| When is the mailbox rule effective | U.s. postal service |
| Mailbox rule | When sent through the mail an acceptance is effective on dispatch. everything else is effective on receipt |
| Acceptance then rejection | Can't reject once accepted |
| Rejection then acceptance | Mailbox rule does not apply. whichever one is read first |