READJUSTING DEBT AND WRITING CONTRACTS

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These three essential elements apply whether a contract is implied or expressed. When all the terms are specifically expressed, that's an expressed contract. Your life insurance policy is an example. When the terms are not specifically expressed, but rather implied by the actions and behavior of the parties in certain circumstances, the law says a contract exists. That's an implied contract, the kind you enter into when you step into a cab.

The Offer

How do I make my offer?

Any way-orally, in writing, even by sign language-provided the person to whom you're making the offer is aware that you're doing so. If you're making the offer by mail, it's a good idea to send it certified. Then you'll have proof that the person to whom you made the offer actually received it.

If I say to my brother-in-law (is a joke, I'll give you the house if you fix the plumbing" am I stuck with a contract?

No. The law does not regard an offer made in jest as valid.

How specific must I make my offer in order for it to be valid?

As specific as you can. When you offer your brother-in-law X dollars to repair your plumbing, it's wise to also specify when the job is to be done, who pays for the supplies, when your brother-in-law will receive payment, whether payment is subject to your approval of the job, and so on. An offer that's vague about who, what, when, or how much is not valid.

After I make an offer, do I have tire right to withdraw it?

Yes. You can withdraw it at any time before it's accepted. If you've seta deadline for acceptance, your offer is automatically withdrawn if it's not accepted by that deadline. If you don't set a deadline for acceptance, your otter expires within a reasonable time.

My brother-in-law rejected my offer.

Then a few days later, he said he's changed his mind and is ready to do the job. I told him, "Sorry, but the offer no longer stands." He says it does. Who's right?

You are. A rejection terminates an offer. Another offer must be made before he can accept. Contract negotiation is basically a matter of offers and counteroffers.

Does my offer, once it's accepted, automatically become part of the contract?

Not necessarily. An offer covers only basic terms (subject of the contract, price, and so on). It need not include all details, as anyone who's ever bought a house knows. Amendments to the offer can appear by mutual consent in the eventual contract.

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