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Business Law 9
Chapter 9
Term | Definition |
---|---|
Agreement | A meeting of two or more minds in regard tot he terms of a contract. |
Offer | A promise or commitment to perform or refrain from performing some specified act in the future. |
Revocation | In contract law, the withdrawl of an offer by an offeror. Unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability. |
Option Contract | A contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer during this period. |
Counteroffer | An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer. |
Mirror Image Rule | A common law rule that requires, for a valid contractual agreement, that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer. |
Acceptance | A voluntary act by the offeree that shows assent, or agreement, to the terms of an offer. |
Mailbox Rule | A rule providing that an acceptance of an offer becomes effective on dispatch. |