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Business Law > Offers > Flashcards

Offers Flashcards

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1
Q

When an offer is made

A

Offeree (the person receiving the offer) accepts the terms and is bound by the contract. Silence is not acceptance.

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2
Q

When an offer is rejected

A

Offeree’s rejection terminates the offer. Inquiring if the offer is “firm” does not mean rejection.

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3
Q

When an offer is revoked

A

The offerer can revoke (cancel) the offer anytime before the offeree accepts (unless an offer is irrevocable).

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4
Q

When an offer is counteroffered

A

Offered rejects the original offer and makes a simultaneous new offer

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Business Law (13 decks)

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