CHAPTER 6
Offer and Acceptance
6-1
6-2
6-3
Creation of Offers
Termination of Offers
Acceptances
LAW for Business and Personal Use
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
6-1
Creation of Offers
 GOALS
 List the elements required to form a contract
 Describe the requirements of an offer
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 2
REQUIREMENTS OF A LEGALLY
ENFORCEABLE CONTRACT
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Offer and acceptance
Genuine assent
Legality
Consideration
Capacity
Proper form
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 3
REQUIREMENTS OF AN OFFER
 Contractual intent must be present
 Offer must be communicated to the offeree
 Essential terms must be complete and
definite
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 4
Think Critically About Evidence
pg. 117
 Question 6:
 No contract, since the offer wasn’t made to the
bystander.
 Question 7:
 No, occurred during an emotional state.
 Question 8:
 No contract, terms were not specified.
 Question 9:
 No, bike shop only communicated the bike price.
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 5
6-2
Termination of Offers
 GOALS
 Describe the various ways to end offers
 Explain how an offeree can ensure an offer will
remain open
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 6
HOW CAN OFFERS BE ENDED?
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Revocation by the offeror
Time stated in the offer
Reasonable length of time
Rejection by the offeree
Counteroffer
Death or insanity of either the offeror or
offeree
 Destruction of the specific subject matter
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 7
HOW CAN AN OFFER BE KEPT
OPEN?
 Options
 Firm offers
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 8
6-3
Acceptances
 GOALS
 Discuss the requirements of an effective
acceptance
 Determine at what point in time an acceptance is
effective
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 9
WHAT IS REQUIRED OF AN
ACCEPTANCE?
 Only offerees may accept
 The acceptance must match the offer
 Acceptance must be communicated to the
offeror
LAW for Business and Personal Use
Chapter 6
© 2012 Cengage Learning. All Rights Reserved.
May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SLIDE 10