Offer

Question 1

An offer is an

Answer 1

Objective manifestation of intent by the offeror that creates the power of acceptance in the offeree

Question 2

At Common law offers must contain

Answer 2

All Essential terms
(Price, subject matter, quantity, parties)

Question 3

Under Art 2. Offers must contain

Answer 3

Quantity, subject matter, parties (not price, UCC will gap fill with a “reasonable amount”

Question 4

Generally Advertisements are not offers, but

Answer 4

The more specific the advertisement is, the more likely it is to be an offer

Question 5

What are the 5 ways an offer can be terminated ?

Answer 5

1. Death
2. Lapse of Time
3. Rejection
4. Counteroffer
5. Revocation

Question 6

What are the 2 ways an offer can be revoked ?

Answer 6

1. Direct revocation (when offeror communicates his revocation to offeree)
2. Indirect revocation (when offeree learns that the offeror has disposed/sold of the property)

Question 7

An Output contract is

Answer 7

When seller promises to sell 100% to a specific buyer (seller cannot sell to anyone else)

Question 8

A requirements contract is

Answer 8

When buyer promises to buy 100% from a specific seller (buyer cannot buy from anyone else)

Question 9

What are the 3 types of irrevocable offers

Answer 9

1. Option Contract
2. Merchants Firm offer
3. Unilateral Contract

Question 10

Option Contract

Answer 10

When an offeror promises to keep an offer open for a specified period of time because the offeree paid consideration tor the option

Question 11

3 requirements for a Merchants Firm offer

Answer 11

1. The offeror is a merchant
2. The offer must contain an explicit promise not to revoke the offer; and
3. In a writing signed by the merchant

Question 12

A firm offer lasts for

Answer 12

1) As long as stated in the offer; or

2) A reasonable time period not to exceed 90 days

Question 13

Unilateral Contract

Answer 13

A promise for a performance of an act. A unilateral contract becomes irrevocable as soon as performance is started

Question 14

In Virgina an “agreement to agree”

Answer 14

If the parties have merely agreed to make an agreement in the future and the terms and conditions under which the contract would be assumed are vague, there is no enforceable contract

Question 15

A statement is an offer only if

Answer 15

The person to whom it is communicated could reasonably interpret it as an offer. It must express the present intent to be legally bound to a contract. (objective standard)

Question 16

In Virginia, employment contracts are presumed to be

Answer 16

“At will” unless an employment contract explicitly limits the situations in which an employer may terminate an employee

Question 17

A statement is an offer only if

Answer 17

The person to whom it is communicated could reasonably interpret it as an offer. It must express the present intent to be legally bound to a contract. (objective standard)

Question 17

Virginia has adopted UETA so

Answer 17

An electronic signature is valid

Question 18

In Virginia, when a dispute arises regarding whether a requirements contract exists,

Answer 18

Look to all the documents involved, as well as parol evidence. If the court cannot find unambiguous language specifically referring to a requirements contract, then it will send the issue to a jury