The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1906-06-01
CONTRACTS.
8. What Makes a Contract?

an offer and an acceptance. III either
is lacking there is no contract. MOI
every offer and acceptance makes a
contract for a breach Of which an
action will lie ia the courts. LII, Tor
instance, | offer to entertain you at
Luncheon and l fail 30 appear at the
time. there is an offer and an accept
ance but no breach of CONTRACT
Therefore, we should understand that
the offer, in order to lead up to con-
tract. must be an offer of contract,
that is, something intended to change
the legal relations of the parties; so,
an offer made IN jest, if so UNDERSTOOD
can not lead up to acontract.
AS to how the offer must be made
no rules can be laid down III may ne
made orally or n the form Ct writing,
by signs, by advertisement, aud by
any number of other ways. A mere
wink of the eye or nod of the head,
as in the case of bidding at an auction
may constitute an offer to buy. Ac
ceptance too may be made in any one
of MANY WAYS, there being no formal
lty required, unless in the case OF a
few classes of contracts where the
statute has provided that a writing
shall appear stating the terms. Or
these kinds Of contracts we shall
speak later,
In order to make a contract, the
offer must be accepted in the terms OF
the offer. If there is any variation
between the offer and the acceptance
or any conditions attending the accep-
lance, contract is not NADER Con-
tracts made by correspondence are
pecuLary subject TO fault in this
particular. If the correspondence
does not show that the minds of the
two parties have met upon identically
the same propositiod no contract can
be implied.
Offers are frequently made to be
accepted within certain time or at
certain place, or n certain manntr.
The acceptCr in order to bind the one
making the offer must accept in the
terms of the ltYer TO form binding
contract,
Difficulty sometimes arises in cases
where time wherein which an offer
may be accepted is not stated. 1t
may be said generally that an offer
may be accepted while it continues
open; but, where there is no definite
time which acceptance must be made
how long has the otferee within which
to accept? The rule Of law is that an
offer, once made, is presumed to con-
tinue for reasonable time unless it
is sooner withdrawn. What is rea-
souable time unless it is sooner with
drawn, Wat is REASONABLE time
depends upon the circumstances OF
the case. Its matter for a jury to
decide in a case before t as TO whether
the acceptance was made within a
reasonable time.
or course, an offer, even althcu ugh
made for definite time, may be
Withdrawn at any time. This Is not
true, of course, if the person to whom
the offer has been made has paid or
has agreed to pay something to have
the offer left open.
This brings up the question of
option. An option has no value
within the law unless something has
been paid, or is agreed TO be paid for
it, If | voluntarily offer TO sell my
horse for 500 and give week in
which to'buy, l may withdraw the
offer within the week without being
liable to damages for not keeping my
promises; but if you have given me
something, no matter how slight, 1t
being of some value, or if yon have
agreed to give me something or re 1der
me some service in exchan Ge for the
agreement to hold the offer open,
must do so or put myself in danger OF
suit for damages. After reason
able time has elapsed, the offer not
being mace for definite time, it is
not necessary for one making the
offer TO formally withdraw it, as the
law will presume it to be withdrawn.
II the one Offering wisher To withdraw
before a reasonable time has elapsed,
he must communicate the withdrawal
by word or act to the offeree.
There are some things that will
terminate an offer other than the
voluntary act Of the one Offering, as,
for instance, his death or his in sanity.
Offers are sometimes made to the
general public, no particular persons
being specified, as when an offer OF
reward is made in newspaper or by
posters. In such cases any one may
accept If he does so before the offer Is
withdrawn; and in order for it to be
withdrawn the same means must be
u