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

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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 acceptance is ?a manifestation of assent to the terms [of the offer] made by the offeree in the manner invited or required by the offer.? In determining if an offeree accepted an offer and created a contract, a court will look for evidence of three factors: (1) the offeree intended to enter the contract, (2) the ...

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.

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.

An offer does not create any legal obligations, but after the offer is accepted it becomes a promise. And a promise is irrevocable because it creates legal obligations between parties. An offer can be revoked before it is accepted. But once acceptance is communicated it cannot be revoked or withdrawn.

Acceptance can be expressly stated in writing or verbally, or implied through action or conduct. In order for acceptance to be valid, certain conditions must be met. These are mutual assent, adequate consideration in a contract, capacity, and legality.

There are three key elements of a binding contract, and they are what are known as the offer, the acceptance, and the consideration.

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