Chapter 6 - Forming Contractual Relationships Flashcards
1
Q
The expiration of an offer after a reasonable amount of time.
A
Lapse
2
Q
An offer automatically expires when this happens.
A
Rejection
3
Q
When a party rejects an offer made by another party and offers another of its own in its place.
A
Counter offer
4
Q
When one party is no longer able to look after their own interest. If an offer is made but not accepted before this, the offer is null and void.
A
Death or Insanity
5
Q
Acceptance, Considerations, and Intent to Contract
A
Necessary Items for a contract to be valid
6
Q
The offeror can do this a contract at any time before it has been accepted by notifying the offeree.
A
Revocation
