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Firm Offer for Sales Agreement with Specification of Manner of Acceptance

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US-02325BG
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Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states. In most instances, the UCC treats all buyers and sellers alike. In some cases, it treats merchants differently than it does the occasional or casual buyer or seller. The UCC recognizes that the merchant is experienced and has a special knowledge of the relevant commercial practices.


Contract law as to offers is applicable to a sales contract, with the following exception. A firm offer by a merchant cannot be revoked if the offer:


" expresses an intention that it will not be revoked,

" is in a writing, and

" is signed by the merchant.


Unless it is expressly specified that an offer to buy or sell goods must be accepted just as made, the offeree may accept an offer and at the same time propose an additional term. This is contrary to general contract law.

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FAQ

An offer is an open call to anyone wishing to accept the promise of the offeror and generally, is used for products and services. Acceptance occurs when an offeree agrees to be mutually bound to the terms of the contract by giving consideration, or something of value like money, to seal the deal.

Elements of an offer include the offer and acceptance. All parties must be competent when it comes to giving and accepting the offer. The information discussed must be lawful and be rooted in mutuality of agreement and obligation. An offer entails a promise that's conditional upon certain conditions.

The acceptance must be communicated. The offer must be accepted without modifications, otherwise it is a counter-offer. Until an offer is accepted it may be revoked. Only the person to whom the offer is made can accept. Acceptance will be judged by an objective standard.

An offer is an open call to anyone wishing to accept the promise of the offeror and generally, is used for products and services. Acceptance occurs when an offeree agrees to be mutually bound to the terms of the contract by giving consideration, or something of value like money, to seal the deal.

An offer is a sign of their willingness to agree on certain terms from one person to another.Therefore, offer and acceptance are the essential elements of a contract and in either case, it should be done on the basis of one's free will and with the intention of concluding a legally binding agreement.

Offers at common law required three elements: communication, commitment and definite terms.

A lawful offer and acceptance creates binding legal contract. Offer and acceptance is the way through which it can be ascertained that whether an agreement exists between parties. Offer and acceptance constitutes the initiation of a legal contract. When an offer is accepted it results in an agreement.

Parties must mutually agree to terms. One party proposes terms through OFFER (offeror-master of the offer, can revoke at any time before it is accepted), other party agrees to terms through an ACCEPTANCE (offeree).

What are the three requirements of an offer? Explain your answer. The offer must be seriously intended, definite and certain, and communicated to the offeree.

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Firm Offer for Sales Agreement with Specification of Manner of Acceptance