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Module 2
Business Law I: Contract Law
| Question | Answer |
|---|---|
| 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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