Mutual Assent
• Identify the three essentials of an offer and explain
briefly the requirements associated with each.
• State the seven ways by which an offer may be
terminated other than by acceptance.
• Compare the traditional and modern theories of
definiteness of acceptance of an offer, as shown by
the common law “mirror image” rule and by the rule
of the Uniform Commercial Code.
• Describe the five situations limiting an offer or’s right
to revoke her offer.
• Explain the various rules that determine when an
acceptance takes effect.
