K finals prep offer & acceptance
if published revocation is appropriate, it is effective when_____
it is published by offeror
3 situations where power of acceptance is terminated by operation of law
1. Death/incapacity (unless offer has become irrevocable) 2. destruction of sub. matter of K 3. supervening illegality
Under Article 2, when an offeree proposes additional or different terms as part of an otherwise valid acceptance, the acceptance __________.
Is effective, unless the acceptance is expressly made conditional on assent to the additional or different terms
Under Article 2, a seller can accept an offer by shipping nonconforming goods to the buyer without committing a breach of the contract by:
Seasonably notifying the buyer that the shipment of nonconforming goods is offered only as an accommodation
a merchant who offers to buy or sell goods in a signed writing that gives assurances that the offer will be held open is offering:
a merchant's firm offer
when a k is missing a price term in a sale of goods
a reasonable price at time of delivery will be applied
offeror can properly revoke offer for unilateral k ______
at anytime before the offeree has begun performance
Under the Article 2 battle of the forms provision, whether additional or different terms proposed by the offeree during acceptance ultimately become part of a contract depends on whether or not
both parties are merchants
implied k is formed by
conduct, rather than language
an expressed k is formed by
language. oral or written
Advertisements in newspapers, catalogs, circular letters, and the like containing price quotations are usually construed as
mere invitations for offers
the ___________states that acceptance of an offer must be unequivocal. Any different or additional terms in the acceptance make the response a rejection and counteroffer.
mirror image rule
If it reasonably appears that the parties intended to make a valid contract, a court may apply the presumption that the parties' intent was to include a reasonable term to rectify any __________ term.
missing
Generally, whether a communication is deemed an offer depends upon __________.
objective/apparent intention of the offeror to make an offer
what happens in an option k?
offeree gives C for a promise not to revoke an offer
offer=terminated upon death of offeror unless _____
offeree has put up C to keep offer open
Advertisements that are specific and contain the phrase "first come, first served" are usually construed as _______because the terms are certain and definite and the offeree(s) is clearly identified.
offers
An offer for the sale of goods must include a __________ to be valid. The quantity being offered must be certain or capable of being made certain, such as in a requirements or output contract.
quantity term
Destruction of the subject matter of an offer prior to acceptance the offeree's power of acceptance
terminates
Under Article 2, when an offeree proposes additional or different terms during acceptance, the court will apply __________ to determine whether the additional or different terms become part of the contract.
the battle of the forms
a court may use the art. 2 gap filler when _____
the price is not included in a sale of goods
purpose of an option k
to limit the offeror's power to terminate an offer
full performance is necessary to properly accept a _______ k
unilateral
summarize the distinction between the standard method of acceptance for unilateral and bilateral contracts
unilateral contract may be accepted only by full performance, whereas a bilateral contract may be accepted either by a promise to perform or by the beginning of performance
What is required for a merchant's firm offer under Article 2?
written assurance signed by offeror
