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32 Cards in this Set

  • Front
  • Back
Acceptance
following a prior rejection first communication received by the offeror is effective
Authorized
means usually any reasonable means of communication
Commercial reasonableness
judgment of reasonable persons familiar with the business transaction
Communication
offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree
Conditional acceptance
acceptance of an offer contingent upon the acceptance of an additional or different term
Consideration
the inducement to enter into a contract, consisting of an act or promise that has legal value
Counteroffer
counterproposal to an offer
Death or incompetency of either
the offeror or the offeree terminates the offer
Defective acceptance
does not create a contract but serves as a new offer
Definiteness
offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy
Destruction of subject
matter of an offer terminates the offer
Effective moment
acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication
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
Good faith
honesty in fact
Intent
determined by an objective standard of what a reasonable offeree would have believed
Irrevocable
offer of unilateral contracts a unilateral offer may not be revoked for a reasonable time after performance is begun
Lapse of Time
offer remains open for the time period specified or, if no time is stated, for a reasonable period of time
Mirror image rule
an acceptance cannot deviate from the terms of the offer
Offer
a proposal indicating a willingness to enter into a contract
Offeree
person to whom the offer is made
Offeror
person making the offer
Option
contract providing that an offer will stay open for a specified period of time
Output contract
an agreement of a buyer to purchase the entire output of a seller’s factory
Promissory estoppel
noncontractual promise that binds the promisor because she should reasonably expect that the promise will induce the promisee (offeree) to take action in reliance on it
Rejection
the refusal to accept an offer
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
Statutory
irrevocability offer made irrevocable by statute
Stipulated
provisions in the offer the communication of acceptance must conform to the specifications in the offer
Subsequent
illegality of the purpose or subject matter of the offer terminates the offer
Unauthorized
means acceptance effective when received, provided that it is received within the time within which the authorized means would have arrived
Without reserve
auctioneer may not withdraw the goods from the auction