2. Formation of Contract Offer + Acceptance = Contract

3. Offer Definitions Basic elements Some problems about offer

4. The Common Law An offer is a promise or commitment to perform or refrain from performing some specified act in the future. An offer must involve a definite promise by the offeror that he will bind himself if the exact terms specified by him are accepted. An offer may be made either to a particular person or to the public at large.

5. The Chinese Law An offer is a proposal with a view to entering into a contract with other parties. The proposal shall comply with the following stipulations: (1) Its contents shall be detailed and definite; (2) It indicates the intention of the offeror to be bound in case of acceptance

6. CISG A proposal for concluding a contract addressed to one or more specific persons constitutes an offer if it is sufficiently definite and indicates the intention of the offerors to be bound in case of acceptance.

7. What are the basic elements to make an effective offer? 1.a proposal communicated to the offeree 2.the sufficiently definite, specific or detailed proposal (How can an offer be considered “ sufficiently definite ” ?) 3. the intention of offeror to be bound in case of acceptance

8. Some Problems 1.Public offer Can an offer addressed to the public (ads)? Different countries treat “ public offer ” differently. Germany/ the United States/ CISG 2.Open price term If the proposal is not definite enough,such as,no definite price terms,can it be taken as an offer? (How to deal with “ open price terms ” in different legal systems?)

9. 3. Firm offers How does the UCC define firm offer? How does the CISG define firm offer 4. To withdraw an offer (1)How to withdraw the offer legally? (2)Whether an irrevocable offer can be withdrawn? 5. To revoke an offer (1) Suppose an offer has reached the offeree, but the offeror still wants to cancel it. How should he do? (2) Under what circumstances can an offer not be revoked? 6.To terminate an offer

10. True or False statements T or F An offer becomes effective when the offeror dispatches it towards offeree. Before the offer reaches the offeree, it can be revoked by the offeror at will. An irrevocable offer cannot be withdrawn. Even if an offer is irrevocable,it may be withdrawn. After an offer reaches the offeree, it ’ s unlikely to make it invalid.