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LEB 6 Vocab

TermDefinition
Contracts agreements between two or more parties that create obligations
Offeror the person who makes the offer
Offeree the person to whom the offer is made
Offer a proposal by an offeror to do something, provided the offeree does something in return
Revocation the right to withdraw an offer before it is accepted
Counteroffer when the offeree changes the offer's terms and sends it back to the offeror
Option when the offeree gives the offeror something of value in return for a promise to leave an offer open
Acceptance occurs when a party to whom an offer has been made agrees to the proposal
Mirror Image Rule requires that the acceptance must exactly match the terms contained in the offer
Bilateral Acceptance an offer implies that it can be accepted by giving a promise instead of performing the contracted for act
Unilateral Acceptance the offer requires that the offeree indicate acceptance by performing his or her obligates under the contract
Created by: LEBSPAN
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