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Business lawq chpt 8
Term | Definition |
---|---|
Request for Proposal | Requesting an estimate for materials to be made/work to be done. This solicitation is used by cities/states to ensure that the purchaser gets the most economical price. |
Invitation to trade | An invitation to make an offer |
Public offer | A gerneral offer to the public at large |
Mailbox Rule | A rule that states than an acceptance sent via the postal system or by courier is effective when sent |
Counteroffer | A conditional, or qualified acceptance of an offer |
Termination by lapse of time | When the offeree fails to accept an offer within the time specified, the opportunity for a contract ends. |
Revocation | The calling back of an offer by the offeror before the offer has been accepted or rejected |
Rejection | Refusal to accept; Termminates the offer |
Option Contract | A contract that has a provision to keep an offer open for a certain period of time. |