Business Law
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Contracts | an agreement between two parties (or people) that creates an obligation
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| Offeror | A person who makes an offer to form a contract
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| Offeree | Person to whom an offer is made
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| Revocation | Withdrawing (or taking away) an offer before it is accepted
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| Counteroffer | Response to an offer, original offer is changed
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| Option | separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open. (In this situation the offer cannot be withdrawn)
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| Firm Offer | Merchant stating how long an offer will stay open, done in writing
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| Acceptance | Occurs when a person to whom an offer has been made agrees to the proposal.
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| Mirror Image Rule | Acceptance much exactly match the terms contained in the offer.
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| Bilateral Contracts | Require that the offeree accept by communicating the requested promise to the offeror
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| Unilateral Contracts | Offeror requires that the offeree indicate acceptance by performing his or her obligation under the contract
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Created by:
deshanelson
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