BUL 4421 Final - FAU Gendler Exam with 100% Correct Verified Answers
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Course
BUL 4421
Institution
BUL 4421
Elements of Offer (4): - ANSWER 1. Intent to be bound by acceptance
2. Definite and certain terms
3. Communication to the offeree
4. Acceptance
Material Terms include (5):
(Considered Definite and Certain if all are there). - ANSWER 1. Subject matter
2. Quality
BUL 4421 Final - FAU Gendler Exam with
100% Correct Verified Answers
Elements of Offer (4): - ANSWER 1. Intent to be bound by acceptance
2. Definite and certain terms
3. Communication to the offeree
4. Acceptance
Material Terms include (5):
(Considered Definite and Certain if all are there). - ANSWER 1. Subject matter
2. Quality
3. Price
4. Quantity
5. Named parties
Termination of the offer can happen in 5 ways - ANSWER -
revocation -rejection or counteroffer
-death of incapacity of the offeror
-destruction or subsequent illegality of subject matter
-lapse of time or failure of another condition specified in the offer
,Revocation - ANSWER i. The offeror can cancel the offer at any time, regardless of how long it
was said to be open
ii. Becomes effective when the offeree receives it, and should deliver personally if important
to be known
Exceptions to revocation - ANSWER option contract and detrimental reliance
Option Contract - ANSWER The offeree gives the offeror consideration in exchange for holding the
offer open for a specified period of time. (Deposit for option-to-buy; i.e. real estate).
-consideration can be anything; no value required
detrimental reliance - ANSWER offeree reasonably relied on offerors promise to hold offer open
and had taken action in reliance of offer.
may use promissory estoppel to prevent revocation
under detrimental reliance, once significant partial performance has begun - ANSWER offeror
must give offeree a reasonable amount of time to complete performance before revocation
can take place
Rejection - ANSWER Regardless of anything, once the offeree rejects it, it is terminated.
Counteroffer - ANSWER i. An offer made by an offeree to his offeror relating to the same
matter as the original and proposing a substituted bargain differing from that proposed in
the original offer.
ii. A counteroffer terminates the original offer and the offeree becomes the offeror.
Death or incapacity of the offeror - ANSWER terms immediately if offeror dies or loses legal
capacity, even if offeree is unaware
, exception to death or incapacity of offeror - ANSWER parties had entered into an options
contract; admin of estate or guardian must hold offer open until expiration in accordance with
options contract
Destruction or subsequent illegality of the subject matter - ANSWER If the subject matter of the
offer is destroyed or becomes illegal, the offer immediately terminates.
-Ex: House for sale burns down.
Lapse of time - ANSWER i. If the offer states it will be held open for only a certain time,
it terminates when that time expires.
ii. In absence, offer will expire after reasonable amount of time.
Authorized Means of Acceptance - ANSWER means by which offer can be accepted
when auth means of acceptance are stated in contract = - ANSWER express authorization; no
other means of acceptance is valid
if no means of acceptance is specified - ANSWER any reasonable means is allowed; courts will
determine by observing circumstances and communication of offer
Unauthorized Means of Acceptance - ANSWER offer acceptance through invalid means
effect of Unauthorized Means of Acceptance - ANSWER i. no contract formed until authorized
means of acceptance used
unilateral exception to Unauthorized Means of Acceptance - ANSWER only performance by the
offeree constitutes a valid acceptance.
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