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ch6 vocab

QuestionAnswer
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 and obligation
Counter Offer 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 the offeror to do something, provided the offeree does something in return
Offeree Party to whom an offer is made
Offeror Party to 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 form 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: gsmith26
 

 



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