Chapter 12 Flashcards
1
Q
what is chapter 12 about
A
agreements
2
Q
agreement
A
the parties must agree on the terms of the contract and manifest to each other their mutual assent to eh same bargain
3
Q
terminations by action of the parties
A
revocation, rejection, counteroffer
4
Q
revocation
A
revoking; taking away offer
5
Q
option contract
A
created when an offer promises to hold an offer open for a specified period of time in return for a payment
6
Q
mailbox rule
A
acceptance becomes valid when it is dispatched (in control of US postal service), not when it is received
