BLACKWELL Chapter 7 Business Law--Offer & Acceptance
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| contract | Binding agreement between two or more parties to exchange something of value with one another.
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| offeror | One who makes a proposal to exchange something of value with another/others.
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| offeree | One to whom a proposal is made to exchange something of value with another/others.
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| offer | Proposal by an offeror to do something, provided the offeree does something in return.
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| revocation | Right of an offeror to withdraw an offer at any time prior to acceptance.
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| counteroffer | The result of an "acceptance" in which the offeree proposes one or more important changes in the terms.
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| option | When an offeree gives an offeror something of value in return for a promise to keep an offer open for a period of time.
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| firm offer | When a "merchant" offeror makes a written promise to keep an offer open for a period of time.
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| acceptance | An offeree's agreement with an offeror's proposal in order to create a binding contract.
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| mirror image rule | Requirement that an offeree's acceptance must be identical to all material terms & conditions of the offer.
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| unilateral contract | Any agreement in which a valid acceptance requires actual performance by one person.
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| bilateral contract | Any agreement in which a valid acceptance requires a "promise" of performance.
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