Business Law Chapter 10 Cheeseman

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Agreement
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The manifestation by two or more persons of the substance of a contract.
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Offeror
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The party who makes an offer to enter into a contract.
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Offeree
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The party to whom an offer to enter into a contract is made.
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Objective Intent
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What the words in a contract or the action by the contracting parties meant/ mean.
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Express Terms
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Terms that have been specifically mentioned and agreed by both parties at the time the contract is made. They can either be oral or in writing.
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Implied Terms
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A term which has not been mentioned by either party will sometimes be ‘included’ in the contract, often because the contract doesn’t make commercial sense without that term.
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Advertisements
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An invitation to make an offer, or an actual offer.
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Auctions
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seller offers goods for sale through an auctioneer. Reserve is an invitation to make an offer, however seller retains right to refuse highest bid and withdraw goods. Without reserve the seller must accept the highest bid.
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Revocation
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Withdrawal of an offer by the offeror which terminates the offer.
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Rejection
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Express words or conduct by the offeree that rejects an offer. Rejection terminates the offer.
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Counteroffer
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A response by an offeree that contains terms and conditions different from or in addition to those of the offer. Terminates the previous offer.
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Acceptance
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A manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts.
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Silence as Acceptance
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Not usually considered acceptance, intended to protect offerees from being legally bound to offers because they failed to respond.
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Express Authorization
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A stipulation in an offer that says the acceptance must be by a specified means of communication.
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Implied Authorization
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A mode of acceptance that is implied from what is customary in similar transactions, usage of trade, or prior dealings between the parties.
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Marder v. Jennifer Lopez
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Paramount releases movie titles “Flashdance” about Maureen Marder. She signs over everything then later attempts to sue Sony, Paramount, and Lopez over scenes that resembled the movie that were used in a music video. Court dismisses Marder’s complaint.
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Lim v. The.TV Corporation
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TV corp was granted rights to all domains with “.tv”. Lim purchased golf.tv for $1000 then was told he won. TV corp said the email he received was an error and stated he had won “–golf”. Lim states the — isn’t recognized within domain names and sues…wins….life returns to normal….kimchi…
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Montgomery v. English
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Montgomery and English enter a contract for English to purchase Montgomery’s house….They disagree on terms…counter offer ensues……after counteroffer Montgomery assumes “mirror image rule” goes into affect, making everything null…and sells to different seller. English sues for specific performance of the contract, lulz ensues.

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