1. CHAPTER 14: THE AGREEMENT: OFFER AND ACCEPTANCE

2. Learning Objectives: Objective Theory & Mutual Assent Requirements for an Offer Duration of the Offer Irrevocable Offers Acceptance Chapter 142 CHAPTER 14: THE AGREEMENT: OFFER AND ACCEPTANCE

3. 1.Manifestation of Mutual Assent 2.Objective Theory of Contracts a.Old Theory: Subjective Meeting of the Minds b.Today: Objective Evaluation of Offer and Acceptance Chapter 143 BASIC CONCEPTS OF CONTRACT FORMATION

4. 1.Definition: Conditional promise made by offeror to offeree 2.Essence a.Act, or b.Forbearance from Acting c.Elements Chapter 144 OFFER REQUIREMENTS

5. 3. Element #1: Present Intent a.Essence b.Language Used 4.Element #2: Definiteness a.Reasons for Elements b.Material Terms c.Gap Filling 5.Element #3: Communication Chapter 145 OFFER REQUIREMENTS

6. 1.Power to Accept Until Terminated 2.Methods of Termination of Offer: a.Lapse of Time b.Operation of Law c.Rejection by Offeree d.Revocation by Offeror i.Action Necessary ii.Irrevocable Offers iii.Partial Performance Chapter 146 OFFER DURATION

7. 1.Nature of an Acceptance 2.Bilateral Contract Acceptance 3.Counteroffers a.Traditional Rule: Mirror Image b.UCC Provision 4.Silence 5.Communication of Acceptance 6.Unilateral Contract Acceptance Chapter 147 ACCEPTANCE

8. CHAPTER 14: THE AGREEMENT: OFFER AND ACCEPTANCE