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Offer by Mind Map: Offer

1. What is an Offer

1.1. A manifestation of willingness to enter into a bargain that justifies another person to believe his or her assent to bargain is invited and will conclude it.

1.1.1. A yes-able proposition

1.1.2. A bargain is a transaction for goods or services.

2. Requires

2.1. Commitment/Undertaking/Promise

2.1.1. Intent to contract

2.1.1.1. Desire to be legally bound to the contract

2.1.1.2. Must be a reasonable manifestation to contract

2.1.1.3. Can be found in the Following factors

2.1.1.3.1. Language: Technical language, such as I offer or I promise; certain language is construed as offering.

2.1.1.3.2. Surrounding Circumstances: The circumstances surrounding the language will be considered.

2.1.1.3.3. Prior Practice and Relationship of Parties

2.1.1.3.4. Method of Communication

2.1.1.3.5. Industry Custom

2.1.1.4. Intent to be bound orally before written contracts must be tested against 7 factors.

2.1.1.4.1. 1. Are similar contracts usually done in wrting?

2.1.1.4.2. 2. Does the contract require formal writing for a full expression of terms?

2.1.1.4.3. 3. Are few or many Details involved?

2.1.1.4.4. 4. Does the contract require a large or small amount (often money)?

2.1.1.4.5. 5. Is this a common or unusual contract for both parties?

2.1.1.4.6. 6. Have all details been agreed upon?

2.1.1.4.7. 7. Do previous negotiations show that a writing was discussed or contemplated.

2.2. Definite

2.2.1. Must be layed in a way that there is no vagueness to the terms.

2.2.1.1. A reasonable person would be able to understand all terms and they would know exactly what the terms will get them.

2.3. Communicated

2.3.1. Must be told to the Offeree (Even if not by offeror)

3. Irrevocable Offers

3.1. Firm Merchant Offer

3.1.1. A firm Merchant offer is defined by the UCC 2-205

3.1.2. It is

3.1.2.1. 1. an offer to buy/sell goods

3.1.2.2. 2. By a merchant

3.1.2.2.1. Defined as a person who deals in goods of the kind, or other wise by his occupation, holds himself as habing the knowledge or skills to the goods in the transacton

3.1.2.3. 3. in a signed writing

3.1.2.4. 4. Give assurances of (will remain open for so many days)

3.1.2.5. 5. Irrevocable for time state i the offer. If not stated, a reasonable time that is not beyond 3 months.

3.2. Option Contracts

3.2.1. Created when an offeree gives something of value to keep an offer open. This binds the time for the offeree to complete the offer, and forces offeror to keep open.

3.2.1.1. Once something of value is exchanged, the contract becomes irrevocable.

3.3. Partial Performance

3.3.1. Once the offeree begins performance on the offer, an implied promise is made, rendering the deal irrevocable by the offeror

3.3.1.1. Preparation for the task is not starting unless the items used to prepare are required to complete the task.