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Lecture Business law: The ethical, global, and e-commerce environment (15/e): Chapter 11 - Mallor, Barnes, Bowers, Langvardt

Chapter 11 - The agreement: acceptance. After studying this chapter you will be able to: Explain elements of acceptance under common law and the UCC; determine how acceptance can be communicated, including by silence; determine when oral acceptance is effective. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T The Agreement: Acceptance P A E T R H C 11 Make your bargain before beginning to plow. Arab proverb Learning Objectives Explain elements of acceptance under common law and the UCC Determine how acceptance can be communicated, including by silence Determine when oral acceptance is effective Acceptance must be by clear expression by offeree of intent to be bound by terms of offer and communicated to offeror Only offeree may accept offer If offer calls for performance, then performance is acceptance Offeror may specify manner of acceptance Example: “notify of acceptance in writing” Requirements for Acceptance Traditional contract law rule required acceptance . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T The Agreement: Acceptance P A E T R H C 11 Make your bargain before beginning to plow. Arab proverb Learning Objectives Explain elements of acceptance under common law and the UCC Determine how acceptance can be communicated, including by silence Determine when oral acceptance is effective Acceptance must be by clear expression by offeree of intent to be bound by terms of offer and communicated to offeror Only offeree may accept offer If offer calls for performance, then performance is acceptance Offeror may specify manner of acceptance Example: “notify of acceptance in writing” Requirements for Acceptance Traditional contract law rule required acceptance to be the mirror image of the offer Example: Pride v. Lewis Currently, judges hold that only material variances between an offer and an alleged acceptance result in an implied rejection of the offer Mirror Image Rule Hyperlink is to the Missouri court’s opinion. Court: Before a plaintiff can establish a breach of contract, he or she must first establish the existence of a contract. A contract does not exist without a defi nite offer and a ‘mirror-image’ acceptance. Any acceptance that includes new or variant terms from the offer presented amounts to a counteroffer and a rejection of the original offer. The unequivocal acceptance of the offer is fundamental to the existence of a contract. Lewis contends that the Prides made a counteroffer when they changed the closing date for the property. While both the Prides initialed this change, it was undisputed that neither Mr. nor Mrs. Lewis initialed the change to the contract. The Prides acknowledge that changing the closing date amounted