GBL 385 Exam 2 Prep 2024/2025. 86 Questions and Correct Answers, With Verified Solutions 100%.
Contract
legally enforceable exchange of promises or an exchange of promise for an act
Common Law
governs contracts dealing with real property, personal property, services, and employment contracts
1. The offer must show objective intent to enter into the contract
2. The offer must be definite; that is, there must be some reference to subject matter, quantity of items
being offered, and price of the items
3. The offer must be communicated to the party (offeree) intended by the offeror
Methods of Termination of an Offer
1. Lapse of Time
2. Death of either party
3. Destruction of the subject matter
4. Rejection by the offeree
5. Revocation by the offeror
Legal Acceptance
1. an intent to accept must be shown by the offeree
2. the intent must be communicated by proper means
3. the intent must satisfy, or "mirror," the terms of the offer
Intent to Accept
There must be objective intent (words, conduct, or writing)
Communication of Acceptance
any reasonable means of communication may be used in accepting an offer, and acceptances are
generally binding upon the offeror when dispatched
Satisfying/Mirroring the Terms of the Offer
Common Law- the acceptance must satisfy or mirror the terms of the offer
UCC- acceptance does not have to be mirror of the offer. Terms can be added to the contract without
constituting a counteroffer if they meet one of the three conditions
Internet/ E-Contracts
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