Term
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Definition
| Intent, definite and certain terms, communication to the offeree |
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Term
| Revocation by the offeror |
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Definition
| Letter or note explaining that the contract is cancelled. becomes effective when the offeree receives it |
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Term
| 5 Ways to terminate the offer |
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Definition
Revocation by the offeror
Rejection or counteroffer by the offeree
Death or incapacity
Destruction or illegality of the subject matter
Lapse of time or failure of another condition |
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Term
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Definition
| Acceptance is valid when the offeree places it in the mailbox |
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Term
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Definition
| Terms of acceptance must mirror the terms of the offer |
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Term
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Definition
| Subject matter, price, quantity, quality, parties involved |
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