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Module 2

Business Law I: Contract Law

QuestionAnswer
acceptance The offeree’s manifestation of assent to the terms of the offer.
bilateral contract One in which a promise is exchanged for another promise.
contract An agreement that may be enforced. A bargained-for exchange.
express contract One in which the offer and acceptance are clearly stated in express language.
formal contract One required to have a certain format
illusory promise A statement that sounds like a promise but is worded so as to not commit the promisor; an illusion of a promise.
implied contract One in which either offer
mailbox rule A rule that states that as long as mail is a proper way to accept an offer and the offer has not stated limits on acceptance
merchant A person who customarily deals in goods of the type involved in the transaction; one for whom the contract is in the course of business.
mirror image rule A common law rule that states the acceptance must be on the same terms as the offer
offer A promise to do business; the first element of a contract.
offeree The person to whom an offer is made
offeror The person who makes an offer.
option An offer for which consideration has been paid expressly to keep the offer open for a set period of time.
promissory estoppel A legal doctrine that allows reasonable reliance on a promise to substitute for another legal requirement
quasi contract A situation where to prevent unjust enrichment
rejection An offeree’s declining the offer
requirement contract One in which a buyer has agreed to buy all the specified goods that the buyer needs or requires for a certain period of time. (A similar contract which involves a seller agreeing to sell all the goods the seller produces is known as an output contract.)
revocation offeror’s cancellation of the offer.
simple contract A contract which is not required to be in a specific form.
unilateral contract A promise (offer) exchanged for actual performance (the acceptance).
unliquidated debt A legal obligation to pay money
Created by: heather.bradshaw
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