Term
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Definition
| (1) in contract law, the offeree's notification to the offeror that the offer agrees to be bound by the terms of the offereror's proposal. (2) in negotiable instruments law, the drawee's signed agreement to pay a draft when present. |
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Term
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Definition
| an offeree's response to an offer in which the offer rejects the original offer and at the same time makes a new offer. |
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Term
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Definition
| a rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in a mailbox), if mail is, expressly or impliedly, an authorized means of communication of acceptance to the offereror. |
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Term
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Definition
| a common law rule that requires, for a valid contractual agreement that the terms of the offeree's acceptance adhere exactly to the terms of the offereor's offer. |
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Term
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Definition
| a promise or commitment to perform or refrain from performing some specified act in the future. |
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Term
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Definition
| a contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offer can accept or reject the offer during this period without the fear that the offer will be made to another person. The offer must give consideration for the option to be enforceable. |
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Term
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Definition
| in contract law, the withdrawal of an offer by an offeror/ unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability. |
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