Puerto Rico 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

The traditional contract law rule is that an acceptance must be the mirror image of the offer. Attempts by offerees to change the terms of the offer or to add new terms to it are treated as counteroffers because they impliedly indicated an intent by the offeree to reject the offer instead of being bound by its terms.

It is a legally binding agreement between two or more parties that entails responsibilities, benefits, or other considerations. In order for acceptance to be valid some requirements must be satisfied including capacity, mutual consent, legality, sufficient consideration in a contract, etc.

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.

The offeror, as the master of the offer, has the power to specify the precise time, place, and manner in which acceptance must be communicated. This is called stipulation. If the offeror stipulates a particular manner of acceptance, the offeree must respond in this way to form a valid acceptance.

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

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.

An offer is a proposal made by one party, communicating the terms to another party, with a view to forming a contract. Acceptance, on the other hand, is a positive action or statement by the offeree agreeing to the terms of the offer without any modifications or conditions.

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.

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Puerto Rico Firm Offer for Sales Agreement with Specification of Manner of Acceptance