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5 Cards in this Set
- Front
- Back
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Bilateral offer |
Two promises moving both ways (e.g. I will sell you my bike in return for you paying me £50). |
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Unilateral offer |
Promise in exchange for an act (e.g. I promise to pay anyone £50 who returns my dog). |
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Offer |
A definite promise to be bound if the offeree agrees to the offer terms |
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Invitation to treat |
An invitation to others to make offers as part of the negotiation process.
A reply to such is no more than an offer. If can't reply 'yes' so a concluded agreement will result, likely just an invitation to treat. |
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Acceptance |
The final and unqualified agreement to all the terms contained in the offer. 1. Must correspond with the exact terms in the offer (mirror-image rule). 2. Must be a response to the offer (made with knowledge of the offer). 3. Response must follow any method for acceptance prescribed in the offer. |
