Ch. 2: Offer

Question 1

class

Answer 1

group of persons identified as a group rather than as named individuals

Question 2

consideration

Answer 2

the bargain of the contract; a benefit conferred or a detriment incurred

Question 3

offer

Answer 3

proposition made by one party to another manifesting a present intention to enter into a valid contract and creating a power in the other person to create a valid contract by making an appropriate acceptance

Question 4

offeree

Answer 4

the person to whom an offer is made; the one who has the power to create a valid contract by making an appropriate acceptance

Question 5

offeror

Answer 5

the person who initiates a contract by proposing the offer

Question 6

output contract

Answer 6

an agreement whereby one person agrees to buy or sell the goods produced by the other party

Question 7

requirements contract

Answer 7

agreement whereby one person agrees to buy all his supplies during a given period from one supplier

Question 8

time of the essence clause

Answer 8

contractual clause in which a specified time for performance is made a key element of the contract

Question 9

Uniform Commercial Code (UCC)

Answer 9

statutory enactment codifying certain areas of contract law, specifically with respect to sales contracts between merchants