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9 Cards in this Set
- Front
- Back
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Offer
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Voluntary but conditional promise submitted by a buyer or seller (offeror) to another (offeree) for acceptance, and which becomes legally enforceable if accepted by the offeree.
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Acceptance
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Granting of an unqualified consent (whether express or implied) to the terms of a contract by the involved parties, making it legally binding.
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Contract
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A voluntary, deliberate, and legally binding agreement between two or more competent parties. Can be written or oral.
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Firm Offers
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Offer that has a time constraint on offeree.
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Genuine Assent
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The agreement must not be based on one party decieving another.
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Consideration
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Both sides msut be recieving benefit within the offer.
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Definite
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Aspects are clearly defined.
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Counteroffer
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Action of ofree adjusting the original offer, canceling the original offer.
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Social Agreement
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Deal that is not legally binding, not liable in court.
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