exam buisness law 2.0 Flashcards
acceptance
manifestation of a willingness to enter into a contract on the terms of the offer
acceptance following a prior rejection
first communication received by the offeror is effective
authorized means
usually any reasonable means of communication
commercial reasonableness
judgment of reasonable persons familiar with the business transaction
communication
offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree
conditional acceptance
acceptance of an offer contingent upon the acceptance of an additional or different term
consideration
the inducement to enter into a contract, consisting of an act or promise that has legal value
counteroffer
counterproposal to an offer
death or incompetency
of either the offeror or the offeree terminates the offer
defective acceptance
does not create a contract but serves as a new offer
defective acceptance
does not create a contract but serves as a new offer
definiteness
offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy
destruction of subject matter
of an offer terminates the offer
effective moment
acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication
firm offer
irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months
good faith
honesty in fact
intent
determined by an objective standard of what a reasonable offeree would have believed
irrevocable offer of unilateral contracts
a unilateral offer may not be revoked for a reasonable time after performance is begun
lapse of time
offer remains open for the time period specified or, if no time is stated, for a reasonable period of time
mirror image rule
an acceptance cannot deviate from the terms of the offer
offer
a proposal indicating a willingness to enter into a contract
offeree
person to whom the offer is made