Offers
A.  General rule – it is an offer if a reasonable person in the offeree’s position             would believe that his assent creates a contract
B.  Content
1.  General rule – not required to contain all material terms
2.  PRICE TERMS
a.  COMMON LAW – PRICE AND DESCRIPTION ARE                         REQUIRED
b.  UCC – NO PRICE REQUIREMET, ONLY INTENT
3.  Vague/ambiguous material terms = no offer
4.  Requirements Contracts
a.  Valid contracts
b.  Increases cannot be unreasonably disproportionate

C.  Context
1.  Price quotations are not an offer
a.  Exception – it is an offer if in response to a specific inquiry
2.  Advertisements are not offers
a.  Exceptions
i.  Rewards
ii.  Specific as to quantity and expressly indicates who can                         accept it