question
Contract
answer
Any agreement enforceable by law
question
Offer
answer
A proposal by one party to another intended to create a legally binding agreement
question
Acceptance
answer
The second party's unqualified willingness to go along with the first party's proposal
question
Genuine Agreement
answer
An agreement that is true: a valid offer is met by a valid acceptance
question
Express Contract
answer
A contract statement that may be oral or written
question
Implied Contract
answer
A contract that comes about from the actions of the parties
question
Bilateral Contract
answer
A contract that contains two promises: one party promises to do something in exchange for the other's promise to do something else
question
Unilateral Contract
answer
A contract that contains a promise by only one person to do something, if and when the other party performs some act
question
Invitations to Negotiate
answer
Requests to deal, trade, or make an offer
question
Revocation
answer
The taking back of an offer by the offeror
question
Mirror Image Rule
answer
The terms stated in the acceptance must exactly match the terms of the offer
question
Rejection
answer
A refusal of an offer by the offeree that brings the offer to an end
question
Counteroffer
answer
A response to an offer in which the terms of the original offer are changed
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
