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11 Cards in this Set
- Front
- Back
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Acceptance
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(1) In contract law, the offeree's notification to the offeror that the offeree agrees to be bound by the terms of the offeror's proposal. Although historically the terms of acceptance had to be the mirror image of the terms of the offer, the Uniform Commercial Code provides that even modified terms of the offer in a definite expression of acceptance constitute a contract. (2) In negotiable instruments law, the drawee's signed agreement to pay a draft when presented.
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Agreement
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A meeting of two or more minds in regard to the terms of a contract; usually broken down into two eventsan offer by one party to form a contract, and an acceptance of the offer by the person to whom the offer is made.
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Counteroffer
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An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
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Estop
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To bar, impede, or preclude.
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Mailbox Rule
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A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in a mailbox), if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offeror.
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Mirror Image Rule
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A common law rule that requires, for a valid contractual agreement, that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer.
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Mutual Assent
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The element of agreement in the formation of a contract. The manifestation of contract parties' mutual assent to the same bargain is required to establish a contract.
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Offer
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A promise or commitment to perform or refrain from performing some specified act in the future.
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Option Contract
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A contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer during this period without fear that the offer will be made to another person. The offeree must give consideration for the option (the irrevocable offer) to be enforceable.
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Promissory Estoppel
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A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies; such a promise is binding if justice will be better served by the enforcement of the promise.
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Revocation
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In contract law, the withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability.
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