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BLACKWELL CH7
BLACKWELL Chapter 7 Business Law--Offer & Acceptance
| Term | Definition |
|---|---|
| contract | Binding agreement between two or more parties to exchange something of value with one another. |
| offeror | One who makes a proposal to exchange something of value with another/others. |
| offeree | One to whom a proposal is made to exchange something of value with another/others. |
| offer | Proposal by an offeror to do something, provided the offeree does something in return. |
| revocation | Right of an offeror to withdraw an offer at any time prior to acceptance. |
| counteroffer | The result of an "acceptance" in which the offeree proposes one or more important changes in the terms. |
| option | When an offeree gives an offeror something of value in return for a promise to keep an offer open for a period of time. |
| firm offer | When a "merchant" offeror makes a written promise to keep an offer open for a period of time. |
| acceptance | An offeree's agreement with an offeror's proposal in order to create a binding contract. |
| mirror image rule | Requirement that an offeree's acceptance must be identical to all material terms & conditions of the offer. |
| unilateral contract | Any agreement in which a valid acceptance requires actual performance by one person. |
| bilateral contract | Any agreement in which a valid acceptance requires a "promise" of performance. |
Created by:
Knightcoach53
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