reserves the right to withdraw item fromauction. Not auctioneer making the offer. Bidder makes offer to buy, contact made when auctioneer accepts highest bidder.
AUCTION WITHOUT RESERVE-
Auctioneer must sell to highest bidder. Bidder can accept or go higher in bidding.
Will always be stated.
MAIL BOX RULE-
acceptance is effective upon dispatch
CONTRACT-
Formed through offer & acceptance.
Voluntary consensual transaction entered into by mutual consent for benefit of both partier
OFFEREE –
person to whom offer is being made.
OBJECTIVE-
what a reasonable person would conclude
OFFER
Objective intent to make offer
Objective theory of contracts
NOT out of anger or ajoke,
ACCEPTANCE-
Mirror image
Mailbox rule
Must be on same terms asoffer
MIRROR IMAGE RULE-
acceptance must be on the same terms as the offer.
COUNTER OFFER
New offer from person offer was being given too previously.
TERMINATION OF OFFER-
Rejection
Counteroffer
Lapse of time (after time offer was for)
An offer can be revoked anytime prior to acceptance
BILATERAL CONTRACT-
most contracts an exchange of promises.
PROMISE for PROMISE
UNILATERAL CONTRACT-
can only be accepted by actual performance. Reward offer- the offer is only accepted by performance.
DEATH OF OFFEROR-
automatically revokes offer
DEATH OF PARTY TO A CONTRACT-
death does not invalidate or terminate contract is still intact.
ADVERTISEMENT-
An advertisement is not an offer. It is to let peopleknow offers are being accepted.
OBJECTIVE THEORY OF CONTRACTS-
outward signs of a person’s intent to enter into a contract determines whether a contract has been entered into.
DEATH TO PERSONAL SERVICES CONTRACT-
death is termination of the contract EXAMPLES: heath ledger from batman movie.
PRECEDENT-
the obligation to decide current cases based on previousrulings.