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

New Jersey 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

The acceptance must be communicated: An acceptance to be valid must be communicated to the proposer. If the person to whom the proposal is made remains silent and does nothing to show that he has accepted the proposal, no contract is formed.

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. Thus, the proposal when accepted becomes a promise.?

To accept an offer, a person must clearly communicate acceptance of its terms and a willingness to be bound. A person cannot accept an offer that has been revoked. Acceptance can be made orally or in writing, unless the terms of the offer require a specific form of acceptance.

Consideration ? Both parties must give something or promise to refrain from doing something they have a right to do. Capacity ? Both parties must have the legal capacity to enter into the agreement. Volition ? The parties must voluntarily agree to the terms of the contract.

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 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.

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.

A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.

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