EssentialsOFBusLaw_chapter10 Flashcards
Firm offer
An offer that by its own terms will be held pen for a given period.
Gap_filler provisions
UCC rules for supplying missing terms.
Implied warranty of fitness for a particular purpose
A warranty requiring that if the seller knows that the buyer plans to use the goods for a particular purpose, the seller generally is held to warrant that the goods are in fact fit for that purpose.
Implied warranty of merchantability
A warranty that goods must be of at least average, passable quality in the trade.
Letter of intent
A letter that summarizes negotiating progress.
Mailbox rule
Acceptance is generally effective when it is sent.
Meeting of the minds
A situation in which the parties understand each other and intend to reach an agreement.
Mirror image rule
A principle in contract law that requires that acceptance be on precisely the same terms as the offer.
Offer
An act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms.
Offeree
The person to whom an offer is made.
Offeror
The person who makes an offer.
Output contract
An agreement that obligates the seller to sell all of his output to the buyer, who agrees to accept it.
Requirements contract
An agreement that obligates a buyer to obtain all of his needed goods from the seller.
