Basic Contract Law for Paralegals
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| 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.
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| Auction with reserve | parties have the right to revoke any time before gavel comes down.
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| 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.
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| Firm offer | offer made under the UCC that remains open for a reasonable period of time but in no event more than 90 days.
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| Ironclad offer | under the UCC, an offer whose terms may not be altered by the offeree.
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| 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.
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| Mirror image rule | to be valid, the acceptance must correspond exactly to the terms of the offer.
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| Operation of law | the manner in which one event has a legal effect on a second, unconnected event.
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| Option | a contract to keep an offer open for a specified time that is secured by consideration.
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| Rejection | to refuse an offer.
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| Reverse unilateral contract | a contract in which the performer, rather than the promisor, makes the offer.
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| Revocation | to recall an offer.
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| Supervening illegality | a law that renders a once-legal activity illegal.
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