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Law Chapter 6 Vocabulary

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Section 1

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Bilateral Contracts

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Government Law Politics

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (12)

Section 1

(12 cards)

Bilateral Contracts

Front

Offeree can accept the offer by giving a promise to the offer or instead of performing the contracted-for act

Back

Offer

Front

Proposal by an offeror to do something, provided the offeree does something in return.

Back

Acceptance

Front

Occurs when a party to whom an offer has been made agrees to the proposal; in commercial paper, drawee's promise to pay the obligee of a draft when the instrument is due.

Back

Offerors

Front

Person who makes the offer.

Back

Capacity

Front

Ability to understand.

Back

Test of Reasonable Person

Front

Objective legal test used by jurors or judges to determine whether the offeree has shown an intent to contract.

Back

Counter Offer

Front

Offeree's response to an offer which modifies it.

Back

Unilateral Contracts

Front

Offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made.

Back

Offerees

Front

Person to whom the offer is made.

Back

Contract

Front

Defined as agreements between two or more parties that creates obligation; it is enforceable by the courts.

Back

Mirror Image Rule

Front

Requires that the terms in the acceptance must exactly match the terms in the offer.

Back

Revocation

Front

Withdraw of an offer before it is accepted.

Back