Term
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Definition
| A preliminary discussion that is not an offer. Ex. school asking teacher if she intends to work next year |
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Term
T/F
Catalog listing prices are invitations to negotiate |
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Definition
| True, this is because a seller cannot possibly intend to make a contract with everyone who sees the catalog |
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Term
T/F
Offering a reward for a puppy would not serve as an offer in court |
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Definition
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Term
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Definition
| Definite and certain terms |
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Term
T/F
A court may rewrite the agreement of the parties to make it more definite |
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Definition
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Term
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Definition
| Can be enforced if no effort was made |
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Term
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Definition
| When an agreement consists of two or more parts and calls for corresponding performances of each part by the parties |
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Term
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Definition
| When a company agrees to buy all materials required from the other |
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Term
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Definition
| Contract of a producer to sell entire production to a buyer |
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Term
| Even though output and production contracts do not state quantities, are they enforceable? |
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Definition
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Term
| Offers may be terminated by |
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Definition
| Revocation, counter-offer, rejection, lapse of time, death, or illegality |
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Term
T/F
An offer can be revoked before 10 days even when it states the offer will be available for 10 days |
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Definition
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Term
| Revoking an offer is only final when the offeree sees it |
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Definition
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Term
| Mailbox rule only works from offeree to offeror |
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Definition
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Term
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Definition
| States that the offer is irrevocable and final for a stated period of time |
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Term
T/F
If the offer does not specify a time, it will terminate after the lapse of a reasonable time |
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Definition
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Term
T/F
If the offeree changes any terms when accepting the contract, the contract will still be ok |
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Definition
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Term
| Can an offer be made where silence is a form of acceptance? |
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Definition
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Term
| Postal Reorganization Act |
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Definition
| Allows a person who receives unordered mailed goods to do whatever they want with them |
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Term
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Definition
| When accepting and offer, it is binding when it is given over to the hands of the postal service |
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Term
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Definition
| Teacher gives her resignation, Superintendant accepts through mail, when teacher wants to revoke resignation it is too late |
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