New Hampshire 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

In legalese, these are called contingencies that are written in to your real estate contract.

Default is an act of breach of agreement between two parties. When one of the parties is unable to carry out their obligations in ance with the existing agreement, then this action can be fully considered as a default.

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.

An executed contract is a finalized agreement that has passed the sign stage and been agreed to by all necessary parties.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

Elements of a Contract Offer - One of the parties made a promise to do or refrain from doing some specified action in the future. Consideration - Something of value was promised in exchange for the specified action or nonaction. ... Acceptance - The offer was accepted unambiguously.

In real estate, a contingency refers to a clause in a purchase agreement specifying an action or requirement that must be met for the contract to become legally binding.

Also known as a sale on satisfaction or sale on trial, a sale on approval contract regulates the conditional sale of goods made on a trial basis. Sellers use this contract to induce sales that buyers may not be enthusiastic about, while buyers use it to examine and inspect goods they may not otherwise buy.

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New Hampshire Firm Offer for Sales Agreement with Specification of Manner of Acceptance