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Offer • Offers must be definite ▫ clear and complete • Must be communicated ▫ writing, orally, or by actions ▫ rewards – is only payable if the offeree KNEW of it ▫ not payable to people who already have a pre-existing duty (police officers) • Counteroffer – terminates original offer • Lapse of time terminates an offer (reasonable time) • Rejection terminates an offer – writing or words • Revocation – must be communicated • Option offers – contracts – keeping an offer open (real estate) • Death or insanity • Impossibility of performance
Minors and their contracts • Age of majority in most states is 18 ▫ 17 is a grey area though – be careful Minor can: accept (ratify) disaffirm (deny) a contract Disaffirmance can take place any time during minority or a reasonable time after reaching majority - timely
Page 1 and 2: Contracts Chapter 6
Page 3 and 4: Terms • Contract - legally enforc
Page 5 and 6: Requirements of a Contract: • Off
Page 7: In Class Activity 2 • You need to
Page 10 and 11: Terms Executed - contract that has
Page 12 and 13: • Get into groups 4 groups • Dr
Page 14 and 15: Offer and Acceptance
Page 18 and 19: Minors • Minors must return goods
Page 20 and 21: Minors • Emancipation - release o

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