Английский язык для юристов. Предпринимательское право
Шрифт:
Acceptance may result from the conduct of the offeree. Actions and gestures may indicate the offeree's willingness to enter into a binding agreement.
As a general rule, silence is not an acceptance. If, however, both parties agree that silence on the part of the offeree will signal acceptance, then such an acceptance is valid.
Another exception to the general rule occurs when the offeree has allowed silence to act as acceptance. The offerer cannot force the offeree into a contract by saying silence will mean acceptance. The offeree, however, can force the offerer into a contract if the offerer established the silence condition.
A rejection comes about when an offeree expresses or implies refusal to accept an offer. Rejection terminates an offer and all negotiations associated with it. Further negotiations could commence with a new offer by either party or a renewal of the original offer by the offerer. Rejection is usually achieved when communicated by the offeree.
A revocation is the calling back of the offer by the offerer. With the exception of an option contract and a firm offer, an offer may be revoked anytime before it has been accepted. The offerer has this right, despite what might appear to be a emphasis moral obligation to continue the offer. An offer may be revoked by communication, automatic revocation, passage of time, death or insanity of the offerer, destruction of the subject matter, or the subsequent illegality of the contract.
An offer may be revoked by the offerer communicating that intention to the offeree before the offer has been accepted. Revocation is ineffective if the acceptance has already been communicated, as by mailing the acceptance in response to a mailed offer. Direct communication of revocation is not required if the offeree knows about the offer's withdrawal by other means.
When the terms of an offer include a definite time limit for acceptance, the offer is automatically revoked at the expiration of the time stated.
An option contract is an agreement that binds an offerer to hold open an offer for a predetermined or reasonable length of time. In return for this agreement to hold the offer open, the offerer receives money or something else of value from the offeree. Parties to an option contract often agree that the consideration may be credited toward any indebtedness incurred by the offeree in the event that the offer is accepted. Should the offeree fail to take up the option, however, the offerer is under no legal obligation to return the consideration.
Option contracts remove the possibility of revocation through death or insanity of the offerer. The offeree who holds an option contract may demand acceptance by giving written notice of acceptance to the executor or administrator of the deceased offerer's estate or to the offerer's legally appointed guardian.
A special rule has emerged in international law. This rule holds that no consideration is necessary when a merchant agrees in writing to hold an offer open. This is called a firm offer.
Exercise 1. Comprehension questions:
1. What is an offer?
2. What is to be done in order to remove any doubt about contractual intentions of the offer?
3. What information should the offer include?
4. What is a cost-plus contract?
5. What does a current market price contract suppose?
6. What are the ways to transmit the offerer's proposal?
7. What is a public offer?
8. In what cases are acts and conduct of the proposing successful?
9. Who has a right to accept an offer/ how is an offer rejected?
Exercise 2. Find in the text English equivalents to the following:
Договор
Exercise 3. Consult recommended dictionaries and give words or phrases to the following definitions:
Отзыв акцепта; публичная оферта; извещение об отзыве оферты; безотзывность оферты; приглашение делать оферту; акцепт, полученный с опозданием; отказ от акцепта.
Exercise 4. Be ready to talk on one of the following topics:
1. Identify the three requirements of a valid offer.
2. Differentiate between a public offer and an invitation to trade.
3. Explain acceptance of an offer in the cases of a unilateral contract and a bilateral contract.
4. Discuss the mirror image rule.
5. Relate the various means by which an offer can be revoked.
6. Explain what is meant by a firm offer.
Exercise 5. Make up your own dialog on the case: In Universal Oil Products. v. S.C.M. Corp., the seller sent a written offer to the buyer that did not contain a provision for arbitration of any disputes. The buyer responded with a written purchase order that did contain a provision for arbitration. The court treated the buyers order as a counteroffer, rather that as an acceptance with a proposal for additional terms. Since the seller shipped the goods pursuant to the buyers order, the court found that the seller thereby accepted the counteroffer and became bound to arbitrate.
Exercise 6. Resume in industry buzz: Offer: commitment communicated to identified offeree & containing definite terms
1. Commitment: reas. person hearing words under these circum.
believes speaker intends to enter into K (OBJECTIVE) (Public ad to identified offeree, 1st 10, is an offer)
– > Code's way of objectively determining is course of dealing – worst is actual words used
2. Communicated to ID'd Offeree (ACTUAL KNOWLEDGE)