Banks, Collectors, and CRAs Discuss the elimationa of secured and unsecured "debt", as well as tactics for dealing with debt collectors and credit reporting agencies.


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Old 02-28-2005, 09:40 AM
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Wink Accord and Satisfaction

Went back to an old Business Law book "Smith and Roberson's Business Law UCC" 5th Edition to do a little research:

Quote:
Accord and Satisfaction - An accord is a contract between an obligee and his obligor whereby the former agrees to accept and the latter agrees to render a substituted performance in satisfaction of an existing contractual duty. Thus, if B shall paint A's house in satisfaction of the debt, the agreement is an executory accord. The debt is not discharged by the accord. However, when B has performed the accord by painting A's house, the $500 debt is discharged by accord and satisfaction. pp289
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Old 02-28-2005, 10:02 AM
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Wink Acceptance of Offer

Business Law book "Smith and Roberson's Business Law UCC" 5th Edition

Quote:
The acceptance of an offer is essential to the formation of a contract. Acceptance of an offer for a bilateral contract is some overt act by the offeree which manifests his assent to the terms of the offer, such as speaking, or sending a letter, a telegram or other communication tot he offeror. If the offer is for a unilateral contract, acceptance is the performance of the requested act or forbearance with the intention of accepting. For Example, if A publishes an offer of a reward to anyone who returns the diamond ring which he has lost (a unilateral contract offer), and B with knowledge of the offer finds and returns the ring to A but in doing so disclaims the reward and says that he does not accept the offer, there is no contract. Merely doing the act requested by the offeror is not sufficient to form a contract where it is not done with the intention of accepting the offer. pp138-139 (emphasis added)
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Everything is COMMERCIAL/CIVIL.
Everything is under Admiralty/Maritime Law.

Rev 22:20-21 He which testifieth these things saith, Surely I come quickly. Amen. Even so, come, Lord Jesus. The grace of our Lord Jesus Christ be with you all. Amen.
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Old 02-28-2005, 10:11 AM
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Definiteness of Acceptance

Business Law book "Smith and Roberson's Business Law UCC" 5th Edition

Quote:
An acceptance must be positive and unequivocal. It may not change any of the terms of the offer, not add to, subtract from, or qualify in any way, the provisions of the offer. It must be the "mirror image" of the offer. Except as modified by the Code, any communication by the offeree which attempts to do so is not an acceptance, but is a mere counter-offer. If the offer is for a bilateral contract, the acceptance must contain a promise expressly or by implication. If the offer is for a unilateral contract, the requested act or forbearance must be precisely performed by the offeree in order to be an acceptance. Once an acceptance has been given, the contract is formed. pp139. (emphasis added)
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Everything is COMMERCIAL/CIVIL.
Everything is under Admiralty/Maritime Law.

Rev 22:20-21 He which testifieth these things saith, Surely I come quickly. Amen. Even so, come, Lord Jesus. The grace of our Lord Jesus Christ be with you all. Amen.
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Old 02-28-2005, 10:32 AM
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Silence as Acceptance

Business Law and the Legal Environment Anderson, Fox & Twomey 14th Edition

Quote:
(a) Silence as Acceptance. In most cases, the offeree's silence and failure to act cannot be regarded as an acceptance. Ordinarily the offeror is not permitted to frame an offer in such a way as to make the silence and inaction of the offeree operate as an acceptance. see Club Chain of Manhattan, Ltd. v Christopher & Seventh Gourmet, Ltd. 74 App Div 2d 277, 427 NYS2d 627 (1980).
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__________________
Everything is COMMERCIAL/CIVIL.
Everything is under Admiralty/Maritime Law.

Rev 22:20-21 He which testifieth these things saith, Surely I come quickly. Amen. Even so, come, Lord Jesus. The grace of our Lord Jesus Christ be with you all. Amen.

Last edited by vanton57 : 02-28-2005 at 12:42 PM. Reason: Add Case Citation
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Old 02-28-2005, 10:38 AM
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Communication of Acceptance

Business Law and the Legal Environment Anderson, Fox & Twomey 14th Edition

Quote:
If the offeree accepts the offer, must the offeror be notified? The answer depends on the nature of the offer.

If the offeror makes an offer of a unilateral contract, communication of acceptance is ordinarily not necessary. In such a case, the offeror calls for a completed or accomplished act. If that act is performed by the offeree with knowledge of the offer, the offer is accepted without any further action by way of notifying the offeror. As a practical matter, there will eventually be some notice to the offeror because the offeree who has performed the act will ask the offeror to pay for the performance that has been rendered.

If the offer pertains to a bilateral contract, an acceptance is not effective unless communicated. Rosin v First Bank of Oak Park, 126 Ill App 3d 230, 81 Ill Dec 443, 466 NE2d 1245 (1984). The acceptance must be communicated directly to the offeror or the offeror's agent.

(emphasis added)
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__________________
Everything is COMMERCIAL/CIVIL.
Everything is under Admiralty/Maritime Law.

Rev 22:20-21 He which testifieth these things saith, Surely I come quickly. Amen. Even so, come, Lord Jesus. The grace of our Lord Jesus Christ be with you all. Amen.

Last edited by vanton57 : 02-28-2005 at 12:46 PM. Reason: Add Case Citation
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