Requirements of an offer

Intent of offror	Objective test	Preliminary negotiation is not offer.
Definite & certain	Essential terms	Parties Price Time for performance Subject matter
Communication to offeree		Effective when received by offeree Not assignable

Intent of acceptance	Silence is not acceptance.
Unequivocal & unconditional	Mirror image rule
Dispatch rule mail box rule	Except Unauthorized means of acceptance Not the same means used by the offeror Offer said "Acceptance is effective when received"

• Legally sufficient
• Legal Detriment
• Bargain for

• Frauds

  inducement	execution
  voidable	void

  Elements of Fraud	Actual Fraud	Constructive Fraud
  Misrepresentation of a material fact	Yes	Yes
  Scienter	kowledge of falsity	reckless disregard
  Reasonable reliance	Yes	Yes
  Damage,Injury	Yes	Yes

• Duress
• Undue influence
• Mistake

• Minor
• Insane person
• Intoxicated person

• to commit crime
• not to commit crime
• Betting
• Usury
• without license

Element		voidable	void
Lack of reality of consent	Fraud	inducement	execution
	Mistake	Mutual,Bid
	Undue influence	Undue influence
	Duress	Ordinary Duress	Extream Duress
Inability	Minor	Minor can disaffirm contract. Minor can disaffirm contract within a reasonable time after becoming majority.
	Intoxicated	Degree of intoxication is great.
	Insane	Adjudicated insane after contract	Adjudicated insane before contract
Illegal contract			Regulatory licensing statute