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Firm Offer for Sales Agreement with Specification of Manner of...

Massachusetts Firm Offer for Sales Agreement with Specification of Manner of Acceptance

Category:

Contracts - Sale of Goods

State:

Multi-State

Control #:

US-02325BG

Format:

Instant download

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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How to fill out Firm Offer For Sales Agreement With Specification Of Manner Of Acceptance?

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FAQ

Acceptance 2.1 1] Acceptance can only be given to whom the offer was made. 2.2 2] It has to be absolute and unqualified. 2.3 3] Acceptance must be communicated. 2.4 4] It must be in the prescribed mode. 2.5 5] Implied Acceptance.

An act constituting consideration must have been done at the desire or request of the promisor. If it is done at the instance of a third party or without the desire of the promisor, it will not be good consideration. For example, A saves B's goods from fire without being ask him to do so.

The 3 basic elements of an agreement: offer, acceptance and consideration.

You made an offer of the bicycle, your neighbor accepted it for consideration, and you both intended to enter this agreement, and you are both competent to do so; therefore, it is a viable contract.

When a buyer submits a written offer, it will be a binding contract if signed by the seller before the expiration time. At any time before it is accepted by the seller, the buyer may rescind their offer. If the time lapses, then the offer is no longer valid.

For instance, if a person used the money to purchase an apple, the apple is the merchant's consideration, and the money is the person's consideration. Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.

The offer must be clear and definite, and it must be communicated to the other party. The offeree must then accept the contract terms of the offer, which can be done explicitly or implicitly. If the offeree accepts the offer, a binding contract exists, and that contract will be enforced by common law.

Example: John tells Dan that he will pay Dan $100 if Dan paints his car, and that Dan should show acceptance of the offer by the act of painting the car. Dan accepts by painting the car. Bilateral Contract: A person accepts an offer by promising to do the requested act.

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