Chapter 6 Review

Front

An agreement between two or more parties that create an obligation

Back

Contract

Front

The party who makes an offer to form a contract

Back

offeror

Front

the party to whom an offer is made

Back

offeree

Front

an agreement to enter into a contract that is evidenced by words or conduct between the parties

Back

genuine assent

Front

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

Back

Consideration

Front

the ability to understand the terms of a contract

Back

Capacity

Front

Agreements must be in writing to be enforceable in court

Back

False

Front

Withdrawing an offer before it is accepted

Back

Revocation

Front

offeree’s response to an offer which modifies it

Back

Counteroffer

Front

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

Back

Option