Business Law Midterm Review-Chapter 11
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Created by:
kathrynbyrd on February 27, 2011
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13 terms
Terms | Definitions |
|---|---|
 Material terms | need a meeting of the minds as to the ________ of the contract |
| Meeting of the Minds | the parties understood each other and intended to reach an agreement |
| Offer | an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms |
| Offeror | the person who makes the offer |
| Offeree | the person to whom an offer is made |
| Letter of intent | summarizes the negotiating process, not an offer |
| Not offers | actions, ads, price quotes are al examples of things that are ______. |
| Revocation | Termination by this means that the offeror can revoke any time before it has been accepted |
| Rejection of Counter-offer | offeree rejects the offer |
| Expiration | of you dont follow the time restraints it could be called termination by _____ |
| Operation of law | death or mental incapacity of the offeror terminates an offer, whether the offeree knows of the change or not, destruction of the subject matter terminates the offer |
| Mirror image rule | requires the acceptance be on precisely the same terms as the offer |
| Mailbox Rule | acceptance is generally effective upon dispatch |
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