Law for Business and Personal Use: Chapter 6

question

Acceptance

answer

occurs when a party to whom an offer has been made agrees to the proposal

question

Bilateral contract

answer

offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act

question

Contract

answer

agreement between two parties that creates an obligation

question

Counteroffer

answer

offeree's response to an offer which modifies it

question

Firm offer

answer

contractual proposal in writing by a merchant stating how long the off er is to stay open

question

Mirror image rule

answer

requires that the terms in the acceptance must exactly match the terms contained in the off er

question

Offer

answer

proposal by an offeror to do something, provided the offeree does something in return

question

Offeree

answer

party to whom an off er is made

question

Offeror

answer

party who makes an off er to form a contract

question

Option

answer

separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an off er open

question

Revocation

answer

withdrawing an offer before it is accepted

question

Unilateral contract

answer

offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made

question

Capacity

answer

ability to understand

question

Consideration

answer

what a person demands and generally must receive in order to make his or her promise legally binding

question

Genuine Assent

answer

agreement to enter into a contract that is evidenced by words or conduct between the parties (not forced or coerced into contract)

question

Invitation to Negotiation

answer

Offer coming from party responding to an add; not a guaranteed offer

question

Merchant

answer

seller who deals regularly in a particular type of goods or who claims special knowledge in a certain type of sales transaction

question

Jest

answer

Words that take the form of offers but which are spoken as a joke

question

Express

answer

Contract where terms are either written or oral

question

Implied-in-fact

answer

Type of contract where conduct creates and defines the terms of the contract

question

Binding contract

answer

An agreement that can be enforced in a court of law if one of the parties to the agreement fails to fulfill any of its terms

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question

Acceptance

answer

occurs when a party to whom an offer has been made agrees to the proposal

question

Bilateral contract

answer

offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act

question

Contract

answer

agreement between two parties that creates an obligation

question

Counteroffer

answer

offeree's response to an offer which modifies it

question

Firm offer

answer

contractual proposal in writing by a merchant stating how long the off er is to stay open

question

Mirror image rule

answer

requires that the terms in the acceptance must exactly match the terms contained in the off er

question

Offer

answer

proposal by an offeror to do something, provided the offeree does something in return

question

Offeree

answer

party to whom an off er is made

question

Offeror

answer

party who makes an off er to form a contract

question

Option

answer

separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an off er open

question

Revocation

answer

withdrawing an offer before it is accepted

question

Unilateral contract

answer

offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made

question

Capacity

answer

ability to understand

question

Consideration

answer

what a person demands and generally must receive in order to make his or her promise legally binding

question

Genuine Assent

answer

agreement to enter into a contract that is evidenced by words or conduct between the parties (not forced or coerced into contract)

question

Invitation to Negotiation

answer

Offer coming from party responding to an add; not a guaranteed offer

question

Merchant

answer

seller who deals regularly in a particular type of goods or who claims special knowledge in a certain type of sales transaction

question

Jest

answer

Words that take the form of offers but which are spoken as a joke

question

Express

answer

Contract where terms are either written or oral

question

Implied-in-fact

answer

Type of contract where conduct creates and defines the terms of the contract

question

Binding contract

answer

An agreement that can be enforced in a court of law if one of the parties to the agreement fails to fulfill any of its terms

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