1. Business Law with UCC Applications,13e Offer, Acceptance, and Mutual Assent Chapter 8 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

2. 8-2 Learning Objectives 1.Define mutual assent. 2.Identify the elements of an offer. 3.Explain the UCC’s concept of offer in contract law. 4.Explain the nature of acceptance. 5.Define the mirror image rule

3. 8-3 Learning Objectives (cont.) 6.Explain the process of revocation. 7.Identify those statutes that affect mutual assent in cyberspace. 8.Explain the elements of fraud and misrepresentation. 9.Identify the effects of mistake on mutual assent. 10.Describe duress and undue influence.

4. 8-4 Offer, Acceptance, and Mutual Assent Mutual Assent and the Offer –The Nature of Mutual Assent –Requirements of an Offer

5. 8-5 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

6. 8-6 Offer, Acceptance, and Mutual Assent Acceptance of an Offer –Communication of Acceptance –Unequivocal Acceptance –Implied Acceptance –Silence as Acceptance –Rejection and Revocation –Option Contracts

7. 8-7 Offer, Acceptance, and Mutual Assent Communication of Acceptance –Face-to-Face and Telephone Communication –Long-Distance Communication –Text Messages –The Uniform Commercial Code

8. 8-8 Offer, Acceptance, and Mutual Assent Unequivocal Acceptance –The Mirror Image Rule –Counteroffers under the UCC

9. 8-9 Offer, Acceptance, and Mutual Assent Implied Acceptance –Unordered Merchandise

10. 8-10 Offer, Acceptance, and Mutual Assent Options Contracts –Firm Offers and the Sale of Goods Contracts –Lease Options and Real Property

11. 8-11 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

12. 8-12 Offer, Acceptance, and Mutual Assent The Destruction of Mutual Assent –Fraud and Misrepresentation –Mistake, Duress, and Undue Influence

13. 8-13 Offer, Acceptance, and Mutual Assent Fraud and Misrepresentation –Fraud –Types of Fraud –Misrepresentation

14. 8-14 Offer, Acceptance, and Mutual Assent Mistake, Duress, and Undue Influence –The Nature of Mistake –The Nature of Duress –The Nature of Undue Influence