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Law Chapter 6

TermDefinition
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 Offer promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made.
Created by: khouck27
 

 



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