Contract Definitions
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| OFFER | IS THE OUTWARD MANIFESTATION OF PRESENT CONTRACTUAL INTENT WITH CERTAIN AND DEFINITE TERMS COMMUNICATE TO ANOTHER GIVEN POWER OF ACCEPTANCE.
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| ACCEPTANCE | IS AN UNEQUIVOCAL ASSENT TO THE TERMS OF THE OFFER.
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| CONSIDERATION | WHICH IS BARGAINED FORGIVE AND EXCHANGE FOR A RETURN PROMISE REQUIRING BENEFIT OR DETRIMENT
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| INDIRECT REVOCATION | KNOWLEDGE BY AN OFFEREE FROM A RELIABLE SOURCE THAT THE OFFEROR CANNOT PERFORM REQUIRES ACTS INCONSISTENT WITH THE CONTRACTS.
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| COUNTER OFFER | WORDS OR CONDUCT WHICH A REASONABLE PERSON WOULD UNDERSTAND AS A REJECTION OF AN OFFER.
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| REVOCATION | AN OFFEROR MAY EXPRESSLY REVOKE AN OFFER AS LONG AS IT IS COMMUNICATED TO THE OFFEREE PRIOR TO A TIMELY ACCEPTANCE IT IS EFFECTIVE UPON REQUEST.
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| What does the UCC govern | Sale of Goods
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| What does Common law govern | Services.
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| How to keep a contract open? | OPTION. give at least a dollar to keep offer open
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| Unilateral Contract | you can accept only by PERFORMING the act.
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| Unilateral Acceptance | acceptance can be done in ANY reasonably Matter, Unless specified otherwise.
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| Mailbox Rule | Acceptance is valid upon dispatch (if properly stamped and addressed)
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| Revocation is made by _____ | Offeror
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| Rejection is made by ______ | Offeree
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| UCC 2-207 | Between MERCHANTS, additonal terms that are addied will be part of the agreement UNLESS
1)object in 10 days
2)material alter/arbitration the agreement
3)You must agree to all terms
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| UCC 2-207 if one is merchant and the other is not a merchant what happens to the terms | they are MERE proposals to be accepted or rejected
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| if terms are inconsistant what happens | KNOCKOUT RULE
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