What Constitutes a Firm Offer in Contract Law?
March 6, 2019Firm offers apply to the sale of goods between merchants and are governed by section 2-205 of the Uniform Commercial Code (UCC). Under these rules, a firm offer is one that is made in writing for a prescribed period of time and is irrevocable during that time. If no time period is specified in the […]…
DetailsThe Elements of Acceptance in Contract Law
February 21, 2019In order for a contract to be binding, the party to whom the offer is made must accept it. Acceptances can be written, oral, or even indicated by specific actions. If the offer is accepted, the acceptance is considered to be a complete consent to all of the terms proposed. Only the party to whom […]…
DetailsWhat is the Doctrine of Promissory Estoppel?
February 8, 2019Be careful what you promise, because your promise could be legally binding. That, in a nutshell, is the legal principle known as promissory estoppel. While consideration is an important element of an enforceable contract, the doctrine of promissory estoppel is an exception to this rule because the promise is legall…
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