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BLACKWELL CH7

BLACKWELL Chapter 7 Business Law--Offer & Acceptance

TermDefinition
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