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Business lawq chpt 8

TermDefinition
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.
Created by: Masterkenny12