What is a Valid Offer

The video tutorial explains the concept of offer and acceptance in contract law. It outlines what constitutes a valid offer, emphasizing the need for specificity and definiteness. An example is provided to illustrate a valid offer, highlighting the importance of a specific promise and demand. The tutorial also discusses the objective standard, which evaluates offers from the perspective of a reasonable person in the offeree's position. Additionally, it clarifies why advertisements are generally not considered offers, as they lack specificity regarding who can accept them.

What are the two essential components of a valid offer?

• A demand and a negotiation

• A promise and a condition

• A specific promise and a specific demand

• A general promise and a vague demand

How is the validity of an offer assessed according to the objective standard?

• By the legal background of the offeror

• By the intentions of the offeror

• By the perspective of a reasonable person in the offeree's position

• By the subjective feelings of the offeree

Why can't a 'reasonable price' be considered sufficiently specific in an offer?

• Because it lacks a definite amount

• Because it is too high

• Because it is too low

• Because it is not a legal term

What is a common issue with advertisements in terms of offers?

• They are legally binding

• They are indefinite about who can accept the offer

• They are often too specific

• They are always considered valid offers

What must be specified in an offer to ensure it is definite?

• The time of acceptance

• The legal consequences

• The location of the offeror

• The price and who can accept the offer