Creation of Offers Copyright © Texas Education Agency, 2013. All rights reserved.

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Presentation transcript:

Creation of Offers Copyright © Texas Education Agency, All rights reserved.

1. Offer and Acceptance  Offerer –person who makes the offer  Offeree –person to whom the offer is made Copyright © Texas Education Agency, All rights reserved. 2

2. Genuine Assent  The agreement MUST NOT be based on – one party’s deceiving another –an important mistake –The use of unfair pressure exerted to obtain the offer or acceptance Copyright © Texas Education Agency, All rights reserved. 3

3. Legality  Agreement cannot involve a crime.  Agreement cannot involve a tort. Copyright © Texas Education Agency, All rights reserved. 4

4. Consideration  Both sides receiving what the law considers value in some form as a result of the transaction Copyright © Texas Education Agency, All rights reserved. 5

5. Capacity  Parties must have the legal ability to contract for themselves.  Parties without capacity: –Not legal age to enter the agreement –Under the influence when signing the contract –Lack the mental capability to enter the contract Copyright © Texas Education Agency, All rights reserved. 6

6. Proper Form  Contracts should be in writing to be enforced by the court of law. Copyright © Texas Education Agency, All rights reserved. 7

An Offer Proposal by an offeror to do something, provided the offeree does or refrains from doing something in return The basis of the bargain Copyright © Texas Education Agency, All rights reserved. 8

Offer Elements 1) Contractual intent must be present in the offer 2) The offer must be communicated to the offeree 3) The essential terms of the offer must be complete and definite Copyright © Texas Education Agency, All rights reserved. 9

Requirements of an Offer  Must have Contractual Intent –Jests: The law is not concerned with what is actually in the mind of a persona making what might be considered an offer. Jokes can be upheld as offers. –Statements made in anger or terror are not legally enforceable. Copyright © Texas Education Agency, All rights reserved. 10

Requirements of an Offer  Preliminary Negotiations –Communication to induce someone to initiate bargaining –Not seen by the law as an intent to contract –Based on objective tests –Are advertisements offers? –When are advertisements offers? Copyright © Texas Education Agency, All rights reserved. 11

Requirements of an Offer  Social Agreements are Not Enforceable –Date to the movies –Dinner date Copyright © Texas Education Agency, All rights reserved. 12

Other Requirements of an Offer  Offer Must Be Communicated to the Offeree  , phone, person, fax, etc.  Not considered an offer until offeree has seen the offer  What if you find this dog and do not see the poster? Copyright © Texas Education Agency, All rights reserved. 13

Other Requirements of an Offer  Essential Terms Must Be Definite  Essential Terms Must Be Complete –Proper legal description of the real estate –Price –Full terms for payment –Date for delivery of possession –Date for delivery of the deed –At Minimum: price, subject matter, and quantity Copyright © Texas Education Agency, All rights reserved. 14