Term
|
Definition
| a proposal manifesting a willingness to enter into a contract; intent to be bound by the terms of the proposal |
|
|
Term
|
Definition
| the person making the offer |
|
|
Term
|
Definition
| the person to whom an offer is made |
|
|
Term
| Reasonable Person Standard |
|
Definition
| uphold facts inferred by what a reasonable person would do or believe |
|
|
Term
|
Definition
| invitation to ask another party to enter into a process of a contract |
|
|
Term
|
Definition
| is one which the seller may withdraw the items for sale until the auctioneer announces the completion of the sale (or electronic door closes); seller is deeme to be inviting offers. |
|
|
Term
|
Definition
| after the auctioneer calls for bids, the seller cannot withdraw; this is an offer, no going back, must accept offer; the seller is the offeror; final bid is when acceptance takes place. |
|
|
Term
|
Definition
| cannot know the amount of the product (such as potatoes grown). It is a contract where the seller agrees to sell all its products to one buyer. |
|
|
Term
|
Definition
| a contract where the buyer agrees to purchase all of the product he needs from a particular seller |
|
|
Term
|
Definition
| a provision in a contract where it must be performed by a particular time or the contract is deeded breach. ex.contract to buy/sell real property to get financing for closing |
|
|
Term
|
Definition
| the response by the offeree to the offeror of an intent to be bound to the terms set out in the offer |
|
|
Term
|
Definition
| if mailing an acceptance, it is considered accepted and effective the day it is mailed, not the date it is received. |
|
|
Term
|
Definition
| internet contract requiring that a person interact online (clicking) indicating acceptance of an offer |
|
|
Term
|
Definition
when the terms are changed by the offeree; the roles change and the offeree becomes the offeror;
A counteroffer is a rejection of the original offer. |
|
|
Term
|
Definition
| any act or word by the offeree conveying the offeree's refusal of the offer; |
|
|
Term
|
Definition
| withdrawal of the offer by the offeror; has to be revoked before the offeree accepts and no an options K |
|
|
Term
|
Definition
| an agreement supported by consideration that the offeror will not revoke the offer for a specfied period of time; often an additional cost is required |
|
|
Term
|
Definition
| the termination of an offer because the offeror does not accept the offer within a stated time or if there is not one, in a reasonable time |
|
|
Term
|
Definition
| a term of are meaning that a law will affect the outcome of a transaction regardless of the actions of the parties; ex. illegality of the subject matter; death of the offeror or offeree; insanity; destruction of the subject matter |
|
|
Term
|
Definition
| a promise for performance; beginning performance constitutes acceptance of a contract. |
|
|
Term
|
Definition
| a promise for a promise; offer accepted when the party says yes. |
|
|
