Identify the three essentials of an offer and explain briefly the requirements associated with each. State the seven ways by which an offer may be terminated other than by acceptance.

Mutual Assent

• Identify the three essentials of an offer and explain briefly the requirements associated with each.
• State the seven ways by which an offer may be terminated other than by acceptance.
• Compare the traditional and modern theories of definiteness of acceptance of an offer, as shown by the common law “mirror image” rule and by the rule of the Uniform Commercial Code.
• Describe the five situations limiting an offeror’s right to revoke her offer.
• Explain the various rules that determine when an acceptance takes effect.