Monday, November 7, 2011

MBE Fast Fact: Validity of Offers

In determining whether there is a valid offer, one of the requirements is that the offer is definite and certain in its terms. One of those terms is the subject matter of the contract, and whether the subject matter is definite enough will often depend upon the kind of contract. Real estate transactions require identification of both land and price. Contracts for the Sale of Goods (ie., UCC), only require that quantity (and not price) be stated with specificity in the offer. Employment contracts require that the duration of the employment be specified. Keeping this is mind is essential, because without a valid offer there can be no mutual assent, and without mutual assent, there can be no contract.