LW 121 Test 1

reserves the right to withdraw item fromauction. Not auctioneer making the offer. Bidder makes offer to buy, contact made when auctioneer accepts highest bidder.

• Auctioneer must sell to highest bidder. Bidder can accept or go higher in bidding.
• Will always be stated.

acceptance is effective upon dispatch

• Formed through offer & acceptance.
• Voluntary consensual transaction entered into by mutual consent for benefit of both partier

person to whom offer is being made.

what a reasonable person would conclude

• Objective intent to make offer
• Objective theory of contracts
• NOT out of anger or ajoke,

• Mirror image
• Mailbox rule
• Must be on same terms asoffer

acceptance must be on the same terms as the offer.

New offer from person offer was being given too previously.

• Rejection
• Counteroffer
• Lapse of time (after time offer was for)
• An offer can be revoked anytime prior to acceptance

• most contracts an exchange of promises.
• PROMISE for PROMISE

can only be accepted by actual performance. Reward offer- the offer is only accepted by performance.

automatically revokes offer

death does not invalidate or terminate contract is still intact.

An advertisement is not an offer. It is to let peopleknow offers are being accepted.

outward signs of a person’s intent to enter into a contract determines whether a contract has been entered into.

death is termination of the contract EXAMPLES: heath ledger from batman movie.

the obligation to decide current cases based on previousrulings.