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Side ASide B
What are the 7 elements of a contract?
What is an offeror?
the party who makes an offer to form a contract
What is an offeree?
the party to whom an offer is made
All parts must be...
clear and complete
When an offeree clearly rejects an offer is it?
Why is an offeror NOT obligated to keep an offer open for a specific time?
Nothing has been given in exchange for a promise?
What is acceptance?
when a party agrees to the proposal
An offer made to an individual must be accepted by the ..?
An offer made to a group can be excepted by?
any member of the group
What does the mirror image rule require?
that the terms in the acceptance must exactly match the terms contained in the offer
What do bilateral contracts require?
that the offeree accept by communicating the requested promise to the offeror
What are to ways that an offer can be kept open?
options and firm offers
What is a contract?
an agreement that courts will enforce
What is a binding contract?
when the offeree gives the offeror something of value in return for a promise to keep the offer open
What is a firm offer?
stating in firm writing how long an offer is to stay open
What is an unilateral contract?
the offeror requires that the offeree indicate acceptance by performing his or her obligations under the contract
What does UCC mean?
Uniform Commercial Code
What is a counteroffer?
Response by the offeree, with new terms, which ends the original offer
What is revocation?
withdrawing an offer before it is accepted
Death or insanity by the offeror or offeree means what?
The offer is terminated