OFFER AND ACCEPTANCE Flashcards
1
Q
OFFER
A
A proposal or promise showing a willingness to contract on firm and definite terms.
2
Q
INVITATION TO TREAT
A
An indication that invites someone to make an offer to buy or sell goods or services
3
Q
REQUEST OF INFORMATION
A
(inc. reply) a general enquiry e.g. as to price.
4
Q
UNILATERAL CONTRACT
A
An agreement to pay in exchange for a performance, if potential performer chooses to act e.g. missing pet
5
Q
BILATERAL CONTRACT
A
Both the offeror and offeree are required to do something.
6
Q
REJECTION
A
The offeree refuses the offer- making that offer invalid as it ends.
7
Q
COUNTER OFFER
A
A response to an offer which makes a firm proposal that materially alters terms of original offer.
8
Q
ACCEPTANCE
A
Final and unconditional agreement to all the terms of the offer.
