Ch. 22 Contracts - Supplemental Notes Review

The party making an offer is called the ____________. The party to whom the offer is made is called the offeree.

• offering

• proposer

• offeror

• contractor

A(n) ____________ is when one party proposes to enter into a contract with another.

• acceptance

• offer

• counteroffer

• rejection

____________ is when a party agrees to an offer.

• Rejection

• Counteroffer

• Acceptance

• Revocation

There are 2 types of rejection of an offer:

• Counteroffer

• Express rejection

• Acceptance

• Implied rejection

If a party does not accept an offer before it expires, then the offer has been _________________.

• rejected

• revoked

• accepted

• delayed

When the offeree rejects the offer and proposes new terms instead, that is a(n) ______________________.

• acceptance

• counter-offer

• revocation

• reduction

An offeror can ________________ an offer anytime before it is accepted.

• determine

• revoke

• undo

• rethink

An offer can be terminated in all of the following ways, except...

• lapse of time

• death of the offeror or offeree

• bribery

• rejection (or counter-offer) by the offeree

• the failure of an attached condition

When the terms of an offer do not state the amount of time it will remain valid, the offer is considered valid for a(n) ____________ amount of time.

• endless

• long

• reasonable

• indeterminable

How long an offer will remain valid can depend on...

• The subject of the offer (like perishable goods that will go bad in a few days)

• Standards of time that are normal for that type of merchandise

• Established expectations between the parties

• The method of communication (phone vs. email, for example)

• The expiration date and time, if the parties agreed on this