Chapter 8 - Offer, acceptance, and mutual assent. After completing this chapter, students will be able to: Define mutual assent, identify the elements of an offer, explain the UCC’s concept of offer in contract law, explain the nature of acceptance, define the mirror image rule,…
Business Law with UCC Applications,13e Offer, Acceptance, and Mutual Assent Chapter McGrawHill/Irwin Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved Learning Objectives Define mutual assent Identify the elements of an offer Explain the UCC’s concept of offer in contract law Explain the nature of acceptance Define the mirror image rule 82 Learning Objectives (cont.) Explain the process of revocation Identify those statutes that affect mutual assent in cyberspace Explain the elements of fraud and misrepresentation Identify the effects of mistake on mutual assent 10.Describe duress and undue influence 83 Offer, Acceptance, and Mutual Assent • Mutual Assent and the Offer – The Nature of Mutual Assent – Requirements of an Offer 84 Offer, Acceptance, and Mutual Assent • Requirements of an Offer – Serious Intent – Clear and Reasonably Definite Terms – Degree of Definiteness – Offers and the UCC – Communication to the Offeree 85 Offer, Acceptance, and Mutual Assent • Acceptance of an Offer – Communication of Acceptance – Unequivocal Acceptance – Implied Acceptance – Silence as Acceptance – Rejection and Revocation – Option Contracts 86 Offer, Acceptance, and Mutual Assent • Communication of Acceptance – Face-to-Face and Telephone Communication – Long-Distance Communication – Text Messages – The Uniform Commercial Code 87 Offer, Acceptance, and Mutual Assent • Unequivocal Acceptance – The Mirror Image Rule – Counteroffers under the UCC 88 Offer, Acceptance, and Mutual Assent • Implied Acceptance – Unordered Merchandise 89 Offer, Acceptance, and Mutual Assent • Options Contracts – Firm Offers and the Sale of Goods Contracts – Lease Options and Real Property 810 Offer, Acceptance, and Mutual Assent • Mutual Assent in Cyberspace – The E-Sign Act – The Uniform Electronic Transactions Act – The Uniform Computer Information Transactions Act – Offer and Acceptance in Cyberspace 811 Offer, Acceptance, and Mutual Assent • The Destruction of Mutual Assent – Fraud and Misrepresentation – Mistake, Duress, and Undue Influence 812 Offer, Acceptance, and Mutual Assent • Fraud and Misrepresentation – Fraud – Types of Fraud – Misrepresentation 813 Offer, Acceptance, and Mutual Assent • Mistake, Duress, and Undue Influence – The Nature of Mistake – The Nature of Duress – The Nature of Undue Influence 814 ... 8? ?6 Offer, Acceptance, and Mutual Assent • Communication of Acceptance – Face-to-Face and Telephone Communication – Long-Distance Communication – Text Messages – The Uniform Commercial Code 8? ?7... – The Mirror Image Rule – Counteroffers under the UCC 8? ?8 Offer, Acceptance, and Mutual Assent • Implied Acceptance – Unordered Merchandise 8? ?9 Offer, Acceptance, and Mutual Assent • Options... Identify the elements of an offer Explain the UCC? ??s concept of offer in contract law Explain the nature of acceptance Define the mirror image rule 8? ?2 Learning Objectives (cont.) Explain the process