Business Law Chapters 6-8

The party who communicates a serious, definite offer.

• Offeror

• Offeree

• Promisor

• Promisee

The party to whom an offer is made.

• Offeror

• Offeree

• Promisor

• Promisee

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

• Genuine Assent

• Contract

• Offer

• Agreement

A change the offeree makes to the offeror’s terms.

• Counteroffer

• Option

• Firm Offer

• Revocation

A binding contract in which the offeree gives the offeror something of value in return for a promise to keep the offer open.

• Counteroffer

• Option

• Firm Offer

• Revocation

An offer by a merchant for a sale or purchase of goods that states in a signed writing how long the offer is to stay open.

• Firm Offer

• Counteroffer

• Option

• Revocation

The right to withdraw an offer before it is accepted.

• Counteroffer

• Option

• Firm Offer

• Revocation

The rule that the terms in the acceptance must exactly match the terms contained in the offer.

• Bi-lateral Rule

• Uni-lateral Rule

• Mirror Image Rule

• Acceptance Rule

Contracts in which the offer implies that it can be accepted by giving a promise instead of performing the contracted-for act.

• Bi-Lateral Contract

• Uni-lateral Contract

• Mirror Image Contract

• Promise Contract

Contracts in which the offeror requires that the offeree indicate acceptance by performing his or her obligations under the contract.

• Bi-Lateral Contract

• Mirror Image Contract

• Performance Contract

• Uni-Lateral Contract