OFFER 1) The offer must be: a. Definite offeror- evidence in intent to be contractually bound b.

. Certain offeree has to be able to reasonably identify the asset being offered c. Communicated the offeror is the absolute controller of the offeree the intention of the offeror to empower the offeree 2) Counteroffers reject previous offers and create new offers a. Counteroffers terminate offers b. Do not have to redo the formality, can gleam the definiteness, certainness and communication from the original offer 3) An advertisement is not an offer, merely an invitation to negotiate a. An invitation to solicit or to make an offer 4) In absence of specified duration, an offer expires after a reasonable time period 5) An offer which specifies a duration will expire at the end of that specified time 6) An offer terminates upon rejection; which can involve words or acts 7) Death of the offeror or offeree terminates the offer a. Contracts survive death 8) Revocation of an offer must be communicated to the offeree; therefore is not effective until such communication reaches the offeree a. Revoke (offeror) b. Reject (offeree) 9) If the offer mentions acceptance by mail, follow the Mailbox Rule (compare acceptance by receipt of mail) 10)The offer is terminated upon destruction of the subject matter of the offer (without fault of either party) a. Acts of nature 11)Insanity of either party terminates the offer a. Judicated insanity; inability to understand right and wrong ACCEPTANCE 1) Meeting of the Minds occurs when the offer is accepted (contracted) 2) The acceptance must be communicated to the offeror a. Do what the offeror asks doesnt have to be in person (visually) 3) If the offeree uses the manner of acceptance prescribed by the offeror, the offer is accepted, notwithstanding he fact that the offeror is unaware of the actual acceptance 4) If the offer specifies a manner of acceptance, acceptance by any other method lacks a Meeting of the Minds, therefore no contract exists 5) Acceptance can take place by act, conduct, words, silence or inaction 6) Acceptance must be complete, without conditions, and meet the offer exactly at all points; if not a counteroffer is established a. *doesnt necessarily mean that a counteroffer is offered

MAILBOX RULE IN NEW YORK STATE When acceptance by mail is authorized, the acceptance is defined as placing the acceptance in the mailbox. Upon delivery to the mailbox, the acceptance is complete; that is, a Meeting of the Minds has occurred and a contract results. Revocation of an offer does not follow the Mailbox Rule; that is, revocation must actually reach the offeree Compare the Mailbox Rule with respect to the revocation of an offer and acceptance of an offer