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15 Cards in this Set
- Front
- Back
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What is needed for an offer to be be valid? |
1. Definite and certain 2 communicated to the offered 3. Made with a serious intention that the offeror will be bound by it. |
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What does it mean if an offer is definite and certain? |
The offer should specify all the terms and conditions of the contract |
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What does UCC stand for? |
Uniform Commercial Code |
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Define request for proposal |
A request for an offer or an invitation to negotiate that can be accepted or rejected by the person calling for a bid. |
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Define invitation to trade |
An announcement published for the purpose of creating interest and attracting a response by many people. It is not considered a valid offer because it does not contain sufficient words of commitment to sell. |
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Define public offer |
A general offer to the public at large. |
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What are the requirements for a valid acceptance? |
1. It must be communicated to the offeror 2. It must be unconditional |
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Define mailbox rule |
A rule that states that an acceptance sent via the postal system or by courier is effective when sent |
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Define counteroffer |
A response to an offer in which the terms and conditions of the original offer were changed |
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What things can terminate an offer? |
1. Lapse of time 2. Revocation 3. Rejection 4. Death or incapacity 5. Destruction or illegality |
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Define termination by lapse of time |
When an opportunity to form a contract ends because the offeree fails to accept an offer when the time specified |
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Define revocation |
The calling back of an offer by the offeree before the offer has been accepted or rejected |
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Define rejection |
The express or implied refusal by an offeree to accept an offer |
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Define option contract |
A contract that has a provision to keep an offer open for a certain period of time |
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Option contract |
A contract that has a provision to keep an offer open for a certain period of time |
