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Chapter 6 vocab
Lumen
| Question | Answer |
|---|---|
| acceptance | in contracts, occurs when a party to whom an offer has been made agrees to the proposal; in commercial paper, drawee’s promise to pay the obligee of a draft when the instrument is due |
| bilateral contract | offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act |
| contract | agreement between two parties that creates an obligation |
| counteroffer | offeree’s response to an offer which modifies it |
| firm offer | contractual proposal in writing by a merchant stating how long the offer is to stay open |
| mirror image rule | requires that the terms in the acceptance must exactly match the terms contained in the offer |
| offer | proposal by an offeror to do something, provided the offeree does something in return |
| offeree | party to whom an offer is made |
| offeror | party who makes an offer to form a contract |
| option | separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open |
| revocation | withdrawing an offer before it is accepted |
| unilateral contract | offeror promises something in return for the offeree’s performance and indicates that this performance is the way acceptance must be made |
Created by:
mnewton250
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