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Contract - Agreement that is legally effective and enforceable in court

Unit 7 Vocabulary. Contract - Agreement that is legally effective and enforceable in court Unilateral Contract - Binding agreement created by an offer that is accepted by a promise of performance

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Contract - Agreement that is legally effective and enforceable in court

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  1. Unit 7 Vocabulary Contract - Agreement that is legally effective and enforceable in court Unilateral Contract - Binding agreement created by an offer that is accepted by a promise of performance Bilateral Contract -- Binding agreement created by an offer that is accepted by communicating the requested promise to the offeror.

  2. Unit 7 Vocabulary Offer - Proposal that expresses willingness of the offeror to enter into a legally binding agreement Offeror – Party that is making an offer. Counteroffer - Response by offeree, with new terms, which ends the original offer

  3. Unit 7 Vocabulary Revocation - Offeror’s act that invalidates an offer Offeree- Party to whom an offer is made Firm Offer - Signed writing by a merchant promising to leave an offer open

  4. Unit 7 Vocabulary Mirror Image Rule - Requirement that the terms in an acceptance exactly match the terms in the offer Acceptance - Affirmative response necessary to transform an offer into a contract Option- Contract to leave an offer open for a period of time in exchange for other consideration Test of the reasonable person – Requirement that a reasonable person would interpret your conduct as indicating that you intend to contract, you have made an offer.

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