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BL Chapter 6 Terms
Business Law
| Question | Answer |
|---|---|
| Contracts | an agreement between two parties (or people) that creates an obligation |
| Offeror | A person who makes an offer to form a contract |
| Offeree | Person to whom an offer is made |
| Revocation | Withdrawing (or taking away) an offer before it is accepted |
| Counteroffer | Response to an offer, original offer is changed |
| Option | separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open. (In this situation the offer cannot be withdrawn) |
| Firm Offer | Merchant stating how long an offer will stay open, done in writing |
| Acceptance | Occurs when a person to whom an offer has been made agrees to the proposal. |
| Mirror Image Rule | Acceptance much exactly match the terms contained in the offer. |
| Bilateral Contracts | Require that the offeree accept by communicating the requested promise to the offeror |
| Unilateral Contracts | Offeror requires that the offeree indicate acceptance by performing his or her obligation under the contract |
Created by:
deshanelson
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