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

Virginia 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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FAQ

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.

For a contract to be legally binding, and therefore enforceable, it needs to satisfy four principles: offer, acceptance, consideration and the intention to create legal relations.

The 3 basic elements of an agreement: offer, acceptance and consideration.

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.

The offer refers to a clear and specific proposal from one party (the offeror) to another (the offeree) to enter into a contractual arrangement. Acceptance is the unequivocal agreement of the offeree to the terms and conditions stated in the offer, creating a legally binding agreement between both parties.

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.

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 ...