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LGLA1351-Chapter 3

Basic Contract Law for Paralegals

Undisclosed principal a person, represented by an agent, who is party to a contract but has not revealed his or her identity to the other party.
Auction with reserve parties have the right to revoke any time before gavel comes down.
Counteroffer a variance in the terms of the offer that constitutes a rejection of the original offer and a creation of a new offer. Also called cross-offer.
Firm offer offer made under the UCC that remains open for a reasonable period of time but in no event more than 90 days.
Ironclad offer under the UCC, an offer whose terms may not be altered by the offeree.
Mailbox rule rule stating that the acceptance of a bilateral contract is effective when properly dispatched by an authorized means of communication; formulated to help determine the moment of creation of a contract.
Mirror image rule to be valid, the acceptance must correspond exactly to the terms of the offer.
Operation of law the manner in which one event has a legal effect on a second, unconnected event.
Option a contract to keep an offer open for a specified time that is secured by consideration.
Rejection to refuse an offer.
Reverse unilateral contract a contract in which the performer, rather than the promisor, makes the offer.
Revocation to recall an offer.
Supervening illegality a law that renders a once-legal activity illegal.
Created by: dawnbryant