The Restatement (Second) of Contracts States That the Terms of the Offer

question 20

Essay

The Restatement (Second) of Contracts states that the terms of the offer should be "reasonably certain." Accordingly, courts can supply some missing terms. What terms might be supplied? What terms cannot usually be implied?

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Definitions:

Price Change

An alteration in the amount charged for a good or service, which can be due to various factors including cost fluctuations, demand shifts, or competitive strategies.

Lost Profits

Lost profits refer to the income that a business could have earned but was unable to due to disruptions, such as competition or natural disasters.

Expected Success

The anticipation of achieving a favorable outcome in any given venture or activity, often quantified based on objective criteria or previous performances.

Representativeness

A cognitive bias in decision-making where an individual assesses the likelihood of an event by comparing it to an existing prototype in their mind.