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Chapter 6 (1-3)

Chapter 6

TermDefinition
contracts agreement between two parties that creates an obligation
offeror party who makes an offer to form a contract
offeree party to whom an offer is made
consideration what a person demands and generally must receive in order to make his or her promise legally binding
executed contract contract that has been fully performed
executory contract contract that has not been fully performed
express contract contract in which all the terms are expressly stated either orally or in writing
implied-in-fact contract contract that does not have its terms expressly stated, but that can be inferred from the parties’ acts or conduct
implied-at-law (quasi) contract not really a contract but instead a fiction created by the law to allow the enforcement of a contractual remedy where justice alone warrants such a remedy
unilateral contract offeror promises something in return for the offeree’s performance and indicates that this performance is the way acceptance must be made
bilateral contract offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act
offer proposal by an offeror to do something, provided the offeree does something in return
revocation withdrawing an offer before it is accepted
counteroffer offeree’s response to an offer which modifies it
option separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open
firm offer contractual proposal in writing by a merchant stating how long the offer is to stay open
acceptance in contracts, occurs when a party to whom an offer has been made agrees to the proposal; in commercial paper, drawee’s promise to pay the obligee of a draft when the instrument is due
mirror image rule requires that the terms in the acceptance must exactly match the terms contained in the offer
Created by: 1103128
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