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Law Chapter 6

TermDefinition
Acceptance Voluntary act of receiving, approving, or agreeing to something offered, such as a gift, proposal, or responsibility
Bilateral Contract Legally binding agreement where both parties exchange mutual promises to perform specific actions.
Contract Legally enforceable agreement between two or more parties that creates mutual obligations to perform, or not perform, specific actions.
Counteroffer Response to an initial offer that rejects the original terms and proposes new ones, acting simultaneously as a rejection and a new offer.
Firm offer Irrevocable proposal made by a merchant in a signed writing to buy or sell goods, guaranteeing it will remain open for a specific period
Mirror Image Rule Common law contract doctrine requiring that an acceptance must be the "mirror image" of the offer
Offer Clear stated proposal to enter into a binding agreement, indicating a willingness to exchange something of value
Offeree Person or entity to whom an offer is made, possessing the power to accept, reject, or negotiate
Offeror Person or party, or entity that makes a formal proposal or offer to another party to enter into a legally binding contract
Option Power, right, or liberty to choose, or a specific choice available among possibilities
Revocation Official cancellation, annulment, or withdrawal of a previously granted privilege, document, or agreement
Unilateral Contract Legally enforceable agreement where one party makes a promise in exchange for a specific act
Created by: cgonzalez2800
 

 



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