Ch. 3: Acceptance Flashcards
acceptance
manifestation of assent in the manner requested or authorized by the offeror
auction with reserve
parties have the right to revoke any time before gavel comes down
auction without reserve
property owner relinquishes the right to revoke
bilateral contract
a contract that exchanges a promise for a promise
counteroffer / cross-offer
a variance in the terms of the offer that constitutes a rejection of the original offer and a creation of a new offer
firm offer
offer made under the UCC that remains open for a reasonable period of time but in no event more than 90 days
ironclad offer
under the UCC, an offer whose terms may not be altered by the offeree
mailbox rule
rule stating that the acceptance of a bilateral contract is effective when properly dispatched by an authorized means of communication: formulated to help determine the moment of creation of a contract
mirror image rule
to be valid, the acceptance must correspond exactly to the terms of the offer
operation of law
the manner in which one event has a legal effect on a second, unconnected event
option
a contract to keep an offer open for a specified time that is secured by consideration
principal-agent
an agent is one who acts for and on behalf of another, the principal, for the purpose of entering into contracts with third persons
rejection
to refuse an offer
reverse unilateral contract
a contract in which the performer, rather than the promisor, makes the offer
revocation
to recall an offer
