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Chapter 6 vocab
Lumen
Question | Answer |
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acceptance | in contracts, occurs when a party to whom an offer has been made agrees to the proposal; in commercial paper, drawee’s promise to pay the obligee of a draft when the instrument is due |
bilateral contract | offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act |
contract | agreement between two parties that creates an obligation |
counteroffer | offeree’s response to an offer which modifies it |
firm offer | contractual proposal in writing by a merchant stating how long the offer is to stay open |
mirror image rule | requires that the terms in the acceptance must exactly match the terms contained in the offer |
offer | proposal by an offeror to do something, provided the offeree does something in return |
offeree | party to whom an offer is made |
offeror | party who makes an offer to form a contract |
option | separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open |
revocation | withdrawing an offer before it is accepted |
unilateral contract | offeror promises something in return for the offeree’s performance and indicates that this performance is the way acceptance must be made |