Business Law 301 (EXAM 1) Study Guide
Solutions
Steinberg v. Chicago Medical School - ANSWER--Steinberg sued medical school for rejecting his
application on the grounds that the school didn't evaluate his and other applications according to the
school's bulletin. he argued the school based its ...
essentials of an offer - ANSWER✔✔--definition: indication of willingness to enter contract
-communication: offeree must have knowledge of the offer, and the offer must be made by the offeror or
her authorized agent to the offeree
-intent: determined by an objective standard of what a reasonable offeree would have believed
-definiteness: offer's terms must be clear enough to provide a court with a basis for giving an
appropriate remedy
firm offer - ANSWER✔✔--a merchant's irrevocable offer to sell or buy goods in a signed writing that
ensures that the offer will not be terminated for up to three months
-ONLY APPLICABLE TO SALE OF GOODS (do not apply to real estate)
when is an offer effective? - ANSWER✔✔-when it is received by offeree
when is a revocation effective? - ANSWER✔✔-when it is received by offeree
when is a rejection effective? - ANSWER✔✔-when it is received by offeror
when is a counteroffer effective? - ANSWER✔✔-when it is received by offeror
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