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Stack #4675407

QuestionAnswer
Mirror image rule – The acceptance has to match the offer exactly. If anything changes, it becomes a counteroffer.
Offer termination – When an offer ends and can no longer be accepted. This can happen by rejection, time running out, revocation, etc.
Consideration – Something of value exchanged in a contract, like money, goods, services, or a promise.
Advertisements – Usually not considered legal offers; they are invitations for people to make offers to buy.
Capacity – A person’s legal ability to enter a contract (must be old enough and mentally capable).
Legality – A contract must be for something legal to be enforceable.
Offeror – The person who makes the offer.
Offeree – The person who receives the offer.
Genuine assent – Both parties truly agree to the contract without fraud, pressure, or mistakes.
Counteroffer – A response that changes the original offer, rejecting it and creating a new offer.
Bilateral contract – A contract where both sides make promises to each other.
Unilateral contract – A contract where one side promises something in exchange for an action.
Acceptance – Agreeing to the terms of an offer.
Void contract – A contract that has no legal effect and cannot be enforced.
Voidable contract – A contract that is valid but one party can choose to cancel it.
Created by: user-1953981
 

 



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