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14 Cards in this Set
- Front
- Back
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offer
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expression of an offeror's willingness to enter into a contractual agreement
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requirements contract
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contract to buy all requirements of the buyer from the seller
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output contract
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contract of a producer to sell its entire production or output to a given buyer
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divisible contract
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agreement consisting of two or more parts, each calling for corresponding performances of each part by the parties
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firm offer
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offer stated to be held open for a specified time, which must be so held in some states even in teh absence of an option contract, or undre the UCC, with respect to mertchants
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counteroffer
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proposal by an offeree to the offeror that changes the terms of, and thus rejects, th originial offer
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aacceptance
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unqualified assent to the act or proposal of another
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Agreement consists of what 2 things? (white board)
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offer and acceptance
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Offer is considered for what two things? white board
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terms and communication
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2 forms of intent
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objective and subjective
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Output and requirement contract
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I will buy what i need if you sell what i need. this is illusary and lacks mutuality
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Basic rule for termination
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offers are revokable at will by offeror
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2 exceptions to the right of revocation. white board
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option (little K supports big K) and firm offer (UCC, recognizes commercial practice)
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mail box rule
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acceptance has priority over revocation, acceptance happens upon posting, revocation happens upon recieving
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