Term
|
Definition
| expression of an offeror's willingness to enter into a contractual agreement regarding a particular subject. |
|
|
Term
|
Definition
| agreement consisting of two or more parts, each calling for corresponding performances of each part by the parties |
|
|
Term
|
Definition
| contract to buy all requirements of the buyer from the seller |
|
|
Term
|
Definition
| contract of the producer to sell its entire production or output to a given buyer |
|
|
Term
|
Definition
| is a binding promise to keep an offer open for a stated period of time or until a specified date. An option contract requires that the promisor recieve consideration-- that is, something, such as a sum of money-- as the price for the promise to keep the offer open |
|
|
Term
|
Definition
| offer stated to be held open for a specified time, which must be so held in some states even in the absence of an option contract, or under the UCC with respect to merchants |
|
|
Term
|
Definition
| proposal by an offeree to the offeror that changes the terms of, and thus rejects, the original offer |
|
|
