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Contracts • Contract Formation
K#018
Legal Definition
Offers can terminate either after a stated time or after a reasonable amount of time has passed.
Hypothetical
Hypo 1: Tom Hanks is interested in buying a new yacht. He goes to the yacht dealer (or whoever sells yachts... I'm not rich enough to know what that person is called, but hey -- tell your friends about Bar Prep Buddy and maybe one day I can update this hypo with more a more informed viewpoint) and they discuss the new models. The yacht dealer says, "I will sell you this new model for $100,000." Tom Hanks says, "Cool, let me think about it." Later that night, while on a flight to film a new movie, Tom Hanks' plane crashes on a deserted island, where he is left alone to survive for several years. After being rescued, he stops by the yacht dealer and says, "Deal." Result: Obviously the offer expired. Also, note that there are some UCC laws we'll cover in other cards that explain other reasons for the offer terminating. But, for now, just recognize that you may need to argue on exams whether or not a period of delay is unreasonable for an offer to remain valid.
Visual Aids
Related Concepts
Are offers assignable?
Are pre-existing duties valid consideration?
Can partial payment of a debt be consideration for release of that debt?
How can an offeree reject an offer?
How do courts assess the adequacy of consideration?
How may an offer be revoked?
Though offers can generally be freely revoked, what are the 4 exceptions?
Under battle of the forms, what happens to additional or different terms in an acceptance when at least one of the parties is a non-merchant?
Under battle of the forms, what happens to additional terms in an acceptance between two merchants?
Under battle of the forms, what happens to different terms in an acceptance between two merchants?
What are consideration substitutes?
What are illusory promises and how do they affect a contract?
What are requirement and output contracts?
What are the methods of terminating an offer?
What are the requirements of an offer?
What are the UCC Gap Fillers?
What is acceptance?
What is a contract?
What is a merchant's firm offer?
What is an option contract?
What is consideration?
What is detrimental reliance?
What is promissory estoppel?
What is required to form a valid, binding contract?
What is the effect of a conditional acceptance on an offer?
What is the effect of a contract that contains vague or ambiguous terms?
What is the effect of a contract that is missing price terms?
What is the effect of a contract that is missing quantity terms?
What is the effect of a counteroffer on an offer?
What is the effect of an offeree beginning to perform in response to an offer?
What is the effect of a seller sending non-conforming goods?
What is the effect of including additional or different terms to an offer?
What is the effect of part performance of a unilateral contract?
What is the effect of the death of a party prior to acceptance of an offer?
What is the Mailbox Rule and when does it apply?
When are advertisements valid offers?
When are price quotes valid offers?
When is past or moral consideration valid?
Who controls the method of acceptance, and what are the typical ways that an offer is accepted?
