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Part III Formation of the Contract, 10 Offer and Acceptance

From: Global Sales and Contract Law (2nd Edition)

Ingeborg Schwenzer, Edgardo Muñoz

Content type:
Book content
Product:
International Commercial Law [ICML]
Published in print:
14 June 2022
ISBN:
9780198871255

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 May 2023

Subject(s):
Interpretation of contract — Performance of contract — Termination/unwinding of contract — Burden of proof and damages — Assessment of price — Payment of price

This chapter looks into offer and acceptance. Almost all legal systems act on the assumption that a contract is based on offer and acceptance. The essentialia negotii in a sales contract should be principally understood as the goods, their quantity, and the price. Additionally, an offer of a contract should be created with legally enforceable obligations. Acceptance is effectuated by express declaration, thus silence or inactivity are invalid responses. The chapter also includes the significance of a letter of intent or memorandum of understanding in modern trade. It mentions the possible issues with language during international business transactions.

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