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2 MEETING OF THE MINDS The parties can form a contract only if they had a meeting of the minds.

3 OFFER Intent Intent Definiteness Definiteness 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 OFFERS Termination by Revocation Common Law Rule Common Law Rule Option Contract Option Contract Sale of Goods Sale of Goods

5 TERMINATION OF OFFERS (cont’d) Termination by Rejection Termination by Rejection Termination by Expiration Termination by Expiration Termination by Operation of Law Termination by Operation of Law

6 ACCEPTANCE The offeree must say or do something to accept. Bilateral contract Bilateral contract Unilateral contract Unilateral contract

7 MIRROR IMAGE RULE Requires that acceptance be on precisely the same terms as the offer.

8 COMMUNICATION OF ACCEPTANCE Medium and Manner of Acceptance Medium and Manner of Acceptance Time of Acceptance: The Mailbox Rule Time of Acceptance: The Mailbox Rule

9 CYBERLAW  Clickwraps  Shrinkwraps

10 PROMISSORY ESTOPPEL Under the doctrine of promissory estoppel even if there is no contract a promise may be enforceable.