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Chapter 4 Vocab

Buisness Law 6

TermDefinition
Contract Any agreement enforceable by law
Offer A proposal by one party to another intended to create a legally binding agreement
Acceptance The second party's unqualified willingness to go along with the first party's proposal
Genuine Agreement An agreement is true and genuine: a valid offer is met by a valid acceptance
Express Contract A contract statement that may be oral or written
Implied Contract A contract that comes about from the actions of the parties
Bilateral Contract A contract that contains two promises
Unilateral Contract A contract that contains a promise by only one person to do something, if and when the other party performs some act
Invitations to Negotiate Invitations to deal, trade, or make an offer.
Mirror Image Rule The terms stated in the acceptance must exactly mirror or match the terms of the offer
Counteroffer A response to an offer in which the terms of the original offer are changed.
Revocation The taking back of an offer by the offeror
Rejection A refusal of an offer by the offeree that brings the offer to an end
Determine To decide or settle conclusively or definitely
Assume To take on; adopt
Require To impose an obligation on; compel
Definite Unquestionable; certain; precise
Specify To state in detail or as a condition
Impose To force; to establish as compulsory; to apply by authority
Created by: CaribouLou590