Chapter 10
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Created by:
baylordrake on April 7, 2012
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12 terms
Terms | Definitions |
|---|---|
 offer | a proposal indicating a willingness to enter into a contract |
| offeror | person making the offer |
| offeree | person to whom the offer is made |
| output contract | an agreement of a buyer to purchase the entire output of a seller's factory |
| requirements contract | an agreement of a seller to supply a buyer with all his requirements for certain goods |
| revocation | cancellation of an offer by an offeror; generally, an offer may be terminated at any time before it is accepted |
| Option contract | contract providing that an offer will stay open for a specified period of time |
| firm offer | irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months |
| conditional acceptance | acceptance of an offer contingent upon the acceptance of an additional or different term |
| Acceptance | manifestation of a willingness to enter into a contract on the terms of the offer |
| Acceptance following a prior rejection | first communication received by the offeror is effective |
| mirror image rule | an acceptance cannot deviate from the terms of the offer |
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