1

2

MEETING OF THE MINDSMEETING OF THE MINDS

The parties can form The parties can form a contract only if a contract only if

they had a meeting they had a meeting of the minds.of the minds.

3

OFFEROFFER

IntentIntent DefinitenessDefiniteness

An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms.

4

TERMINATION OF OFFERSTERMINATION OF OFFERS

Termination by RevocationTermination by Revocation

Common Law RuleCommon Law Rule Option ContractOption Contract

Sale of GoodsSale of Goods

5

TERMINATION OF OFFERS TERMINATION OF OFFERS (cont’d)(cont’d)

Termination by RejectionTermination by Rejection Termination by ExpirationTermination by Expiration

Termination by Operation of Termination by Operation of LawLaw

6

ACCEPTANCEACCEPTANCE

The offeree must say or do The offeree must say or do something to accept.something to accept.

Bilateral contractBilateral contract Unilateral contractUnilateral contract

7

MIRROR IMAGE RULEMIRROR IMAGE RULE

Requires that Requires that acceptance be on acceptance be on

precisely the precisely the same terms as same terms as

the offer.the offer.

8

COMMUNICATION OF COMMUNICATION OF ACCEPTANCEACCEPTANCE

Medium and Manner of Medium and Manner of AcceptanceAcceptance

Time of Acceptance: The Time of Acceptance: The Mailbox RuleMailbox Rule

9

CYBERLAWCYBERLAW

ClickwrapsClickwraps

ShrinkwrapsShrinkwraps

10

PROMISSORY ESTOPPELPROMISSORY ESTOPPEL

Under the doctrine of Under the doctrine of promissory estoppel promissory estoppel even if even if

there is no contract a promise there is no contract a promise may be enforceable.may be enforceable.