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cp 6 vocab

TermDefinition
acceptance the offeree's clear, unqualified agreement to the terms of an offer, which transforms a proposal into a binding contract, signified by words, writing, or conduct, and must mirror the offer exactly
bilateral contact legally binding agreement where both parties exchange mutual promises to perform specific actions, creating reciprocal obligations.
contract legal framework governing legally binding agreements (contracts) between two or more parties, establishing rules for their creation, interpretation, and enforcement to ensure promises are kept and provide remedies
counteroffer an offer made in response to another.
firm offer legally binding promise by a merchant to keep an offer open for a specific period, making it irrevocable, unlike regular offers that can be withdrawn anytime before acceptance.
offeree the person or entity to whom an offer is made in a contract negotiation, holding the power to accept, reject, or counter the proposal, which is a crucial step in forming a binding agreement
offeror party—person, company, or organization—that initiates a contract by proposing specific terms to another party
option a thing that is or may be chosen.
revocation formal cancellation, annulment, or rescission of a previously granted right, document, offer, or privilege. It is a voluntary act that renders a legal instrument void, such as cancelling a will, revoking a contract offer before acceptance
unilateral contact generally means a one-sided interaction, most commonly referring to a unilateral contract where one party promises something in exchange for a specific action by another (like a reward for finding a lost pet)
mirror image rule common law contract, often called absolute acceptance, dictates that an acceptance must be an exact, unconditional replica of the offer, with no added, deleted, or modified terms.
offer clear, definite proposal made by one party (offeror) to another (offeree) expressing an intent to enter into a legally binding contract
Created by: LJaymz
 



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