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32 Cards in this Set
- Front
- Back
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Acceptance
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following a prior rejection first communication received by the offeror is effective
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Authorized
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means usually any reasonable means of communication
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Commercial reasonableness
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judgment of reasonable persons familiar with the business transaction
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Communication
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offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree
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Conditional acceptance
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acceptance of an offer contingent upon the acceptance of an additional or different term
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Consideration
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the inducement to enter into a contract, consisting of an act or promise that has legal value
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Counteroffer
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counterproposal to an offer
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Death or incompetency of either
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the offeror or the offeree terminates the offer
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Defective acceptance
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does not create a contract but serves as a new offer
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Definiteness
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offer’s terms must be clear enough to provide a court with a basis for giving an appropriate remedy
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Destruction of subject
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matter of an offer terminates the offer
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Effective moment
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acceptance effective upon dispatch unless the offer specifically provides otherwise or the offeree uses an unauthorized means of communication
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Firm offer
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irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months
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Good faith
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honesty in fact
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Intent
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determined by an objective standard of what a reasonable offeree would have believed
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Irrevocable
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offer of unilateral contracts a unilateral offer may not be revoked for a reasonable time after performance is begun
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Lapse of Time
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offer remains open for the time period specified or, if no time is stated, for a reasonable period of time
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Mirror image rule
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an acceptance cannot deviate from the terms of the offer
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Offer
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a proposal indicating a willingness to enter into a contract
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Offeree
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person to whom the offer is made
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Offeror
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person making the offer
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Option
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contract providing that an offer will stay open for a specified period of time
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Output contract
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an agreement of a buyer to purchase the entire output of a seller’s factory
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Promissory estoppel
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noncontractual promise that binds the promisor because she should reasonably expect that the promise will induce the promisee (offeree) to take action in reliance on it
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Rejection
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the refusal to accept an offer
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Requirements contract
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an agreement of a seller to supply a buyer with all his requirements for certain goods
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Revocation
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cancellation of an offer by an offeror; generally, an offer may be terminated at any time before it is accepted
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Statutory
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irrevocability offer made irrevocable by statute
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Stipulated
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provisions in the offer the communication of acceptance must conform to the specifications in the offer
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Subsequent
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illegality of the purpose or subject matter of the offer terminates the offer
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Unauthorized
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means acceptance effective when received, provided that it is received within the time within which the authorized means would have arrived
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Without reserve
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auctioneer may not withdraw the goods from the auction
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