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Formation of Contract: Offer
What is required for a valid offer in contract law?
Intent to create the power of acceptance communicated to an identified offeree in certain and definate terms. We apply the obejective theory of contracts (What about Ads, price, lists, etc.?)
Errors a) Generally-no contract if offeree knew or should have known of the error
Termination of Offer: All offers are freely revocable prior to acceptance. Some circumstances of a termination of offer are listed below:
Lapse-contract time reasonable time Death of offeror
Withdrawl-must arrive before offer
Revocation of Offer-effective on receipt All offers revocable except: Option contracts Common law consideration UCC-merchants no consideration (firm offer) signed 3 months max
Partial performance of unilateral contract Detrimental reliance
Rejection by oferee effective on receipt Modification=counter offer.
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A corporation is a fictitious person which is created on paper by California’s Secretary of State. Corporations are created to bestow limited personal and tax liability on its individual owners, called shareholders. To create a corporation, you must file the Articles of Incorporation, which include the corporation’s name, address, purpose, officers, stock type, and ByLaws, the operating principles of the corporation. You must also name the Board of Directors who are setting up the corporation, and designate a person who will receive service of process. Some types of corporations and business associations require that you decide at the time of formation how you want to be taxed, since the taxes can either be passed through to you, as in a sole proprietorship, or taxed to the corporation and then taxed to you.
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