North Dakota 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

Valid acceptance is acceptance that is made by the specified offeree and that meets the conditions of mutual assent (both parties agree to the arrangement), adequate consideration (each party receives a benefit for the promised goods or services of the other party), capacity (both parties are legally capable of ...

The offer is the proposal that is made by one party outlining the terms of the contract, the acceptance is the approval of the proposal (sometimes after negotiation) by another party, and the consideration is the exchange of value as stipulated in the contract.

In conclusion, offer can be terminated by Revocation, Rejection, Lapse of time, Conditional Offer, Operation of law, Death, Acceptance and Illegality.

In legal terminologies when someone agrees with an offer then they have to obey the terms made in the offer. ing to the Indian Contract Act, 1872, Section 2(b), acceptance is expressed as ?When the person to whom the proposal has been made signifies his assent thereto, the offer is said to be accepted.

Offer and acceptance: An offer is a statement or action that indicates a willingness to agree. Acceptance is an agreement to the terms of an offer by the other party. An offer must be communicated to the person who is meant to accept it and may be made by words or conduct.

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.

Acceptance of an Offer Once the offer has been accepted, it cannot be revoked. In most instances, in what is referred to as a bilateral contract, the person accepting the offer promises to abide by the terms of the offer.

In a unilateral contract, acceptance may not have to be communicated and can be accepted through conduct by performing the act. Nonetheless, the person performing the act must do it in reliance on the offer.

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North Dakota Firm Offer for Sales Agreement with Specification of Manner of Acceptance