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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 teh instrument is due. |
Mirror Image Rule | Requires that the terms in the acceptance must exactly match the terms contained in the offer. |
Bilateral Contracts | Offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act. |
Unilateral Contracts | Offeror promises something in return for the offree's performance and indicates that this performance is the way acceptance must be made. |
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