Term
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Definition
| nothing is stated to the contrary; the seller is merely expressing intent to receive offers |
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Term
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Definition
| seller is treated as making an offer to accept the highest bid |
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Term
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Definition
| those terms that would allow a court to determine what the damages would be in the event that one of the parties was to breach the contract; include subject matter, price, quantity, quality, parties |
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Term
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Definition
1. revocation by the offeror
2. rejection or counteroffer by the offeree
3. death or incapacity of the offeror
4. destruction or subsequent illegality of the subject matter of the offer
5. lapse of time or failure of other conditions stated in teh offer |
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Term
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Definition
| agreement whereby the offeree gives the offeror a piece of consideration in excahnge for the offeror's agreement to hold the offer open for the specified period of time |
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Term
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Definition
| an offer made by an offeree to his offeror relating to the same matter as the original offer and proposing a subsituted bargain differing from that proposed by the original offer |
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Term
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Definition
| terms of the acceptance must mirror the terms of the offer |
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Term
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Definition
| provides that an acceptance is valid when it is placed in the mailb0x, whereas a revocation is effective only when received by the offeree |
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Term
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Definition
| acceptance can be communicated to the offeror by being expressly stated in the offer |
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