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level: Level 1

Questions and Answers List

level questions: Level 1

QuestionAnswer
Elements of an offerintent to enter a bargain, certain and definite terms, communicated to all parties, a reasonable understanding that a contract will form if accepted
Unilateral contractacceptance is an offeree's complete performance
Second restatement of contracts sec. 24an offer is a manifestation of willingness to enter a bargain as to justify another person in a reasonable understanding that their assent is invited to be included in the bargain
Second restatement of contracts sec. 45 (1)where an offer invites an offeree to accept by rendering performance and does not invite a promissory acceptance, an option contract is created when the offeree tenders or begins the invited performance or tenders the beginning of it
Second restatement of contracts sec. 45 (2)the offeror's duty of performance under any option contract so created is conditional on completion or tender of the invited performance in accordance with the terms of the offer
When is the mailbox rule effectiveu.s. postal service
Mailbox rulewhen sent through the mail an acceptance is effective on dispatch. everything else is effective on receipt
Acceptance then rejectioncan't reject once accepted
Rejection then acceptancemailbox rule does not apply. whichever one is read first