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chapter 6 law

TermDefinition
acceptance the voluntary act of receiving, approving, or consenting to something
bilateral contract a legally binding agreement where both parties exchange mutual promises to perform specific actions
contract a legally binding agreement between two or more parties that creates mutual obligations enforceable by law
counteroffer an offer made in response to another
firm offer an irrevocable proposal made by a merchant in a signed writing to buy or sell goods
mirror image rule an acceptance must exactly match the terms of the offer
offer for someone to accept or reject as so desired
offeree the person or entity to whom an offer is made
offeror an individual, company, or entity that makes a formal proposal
option a thing that is or may be chosen
revocation the formal cancellation, annulment, or recall of a previously granted right
unilateral contract a one-sided agreement where one party, makes a promise in exchange for a specific action or performance from another party
Created by: Mshaw27
 

 



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