OFFER
statement of willingness to enter into a bargain so that the offeree understands that his assent to the bargain is invited and will conclude it.
Requirements for the terms of an offer
must be reasonably certain (e.g., as to parties, subject matter, price, etc.)
Mirror-Image Rule
Applies at Common Law so any acceptance must be mirror of the offer.
Counter-offer
Offer in response to original offer that does not mirror the terms of the first offer
Consideration
a bargained-for exchange
Common Law rule for Modification of a K
requires additional consideration
UCC rule for Modification of a K
good faith
Bilateral K
K that may be accepted by promising to perform or beginning performance
Unilateral K
K that may only be accepted by full performance
Option K
Created when offeree begins performance on a unilateral K. Offeree must keep offer open for a reasonable time to allow the offeree to complete performance.
