3 - Ch 12

Question 1

offer

Answer 1

the expression of an offeror’s willingness to enter into a contractual agreement

Question 2

divisible contract

Answer 2

an agreement consisting of two or more parts, each calling for corresponding performances of each part by the parties

Question 3

requirements contract

Answer 3

a contract to buy all requirements of the buyer from the seller

Question 4

output contract

Answer 4

the contract of a producer to sell its entire production or output to a given buyer

Question 5

firm offer

Answer 5

an offer stated to be held open for a specified time, which must be so held in some states even in the absence of an option contract, or under the UCC, with respect to merchants

Question 6

offer contract

Answer 6

a binding promise to keep an offer open for a state period of time or until a specified date

Question 7

counteroffer

Answer 7

a proposal by an offeree to the offeror that changes the terms of, and thus rejects, the original offer