Business Law I: Contract Law
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| acceptance | The offeree’s manifestation of assent to the terms of the offer.
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| bilateral contract | One in which a promise is exchanged for another promise.
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| contract | An agreement that may be enforced. A bargained-for exchange.
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| express contract | One in which the offer and acceptance are clearly stated in express language.
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| formal contract | One required to have a certain format
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| illusory promise | A statement that sounds like a promise but is worded so as to not commit the promisor; an illusion of a promise.
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| implied contract | One in which either offer
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| mailbox rule | A rule that states that as long as mail is a proper way to accept an offer and the offer has not stated limits on acceptance
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| merchant | A person who customarily deals in goods of the type involved in the transaction; one for whom the contract is in the course of business.
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| mirror image rule | A common law rule that states the acceptance must be on the same terms as the offer
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| offer | A promise to do business; the first element of a contract.
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| offeree | The person to whom an offer is made
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| offeror | The person who makes an offer.
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| option | An offer for which consideration has been paid expressly to keep the offer open for a set period of time.
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| promissory estoppel | A legal doctrine that allows reasonable reliance on a promise to substitute for another legal requirement
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| quasi contract | A situation where to prevent unjust enrichment
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| rejection | An offeree’s declining the offer
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| requirement contract | One in which a buyer has agreed to buy all the specified goods that the buyer needs or requires for a certain period of time. (A similar contract which involves a seller agreeing to sell all the goods the seller produces is known as an output contract.)
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| revocation | offeror’s cancellation of the offer.
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| simple contract | A contract which is not required to be in a specific form.
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| unilateral contract | A promise (offer) exchanged for actual performance (the acceptance).
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| unliquidated debt | A legal obligation to pay money
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