Term
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Definition
| the parties must agree on the terms of the contract and manifest to each other their mutual assent (agreement) to the same bargain. |
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Term
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Definition
| a promise or commitment to do or refrain from doing some specified thing in the future. |
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Term
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Definition
1. the offeror must have a serious intention to become bound by the offer
2. the terms of the offer must be reasonably certain, or definite, so that the parties and the court can ascertain the terms off the contract.
3. the offer must be communicated to the offeree. |
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Term
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Definition
| the offeror's act of withdrawing (revoking) an offer |
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Term
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Definition
| created when an offeror promises to hold an offer open for a specified period of time in return for a payment (consideration) given by the offeree. Takes away the offeror's power to revoke. |
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Term
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Definition
| requires the offeree's acceptance to match the offeror's offer exactly; to mirror the offer. Any change in, or addition to, the terms of the original offer automatically terminates that offer and substitutes the counteroffer. |
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Term
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Definition
| is a rejection of the original offer and the simultaneous making of a new offer. |
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Term
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Definition
| is a voluntary act by the offeree that shows assent (agreement) to the terms of an offer. The offeree's act may consist of words or conduct. |
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Term
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Definition
| the offeree sends of delivers the communication via the mode expressly or impliedly authorized by the offeror. If the authorized mode of communication is in the mail, then an acceptance becomes valid when it is dispatched (place in the control of the U.S. postal service) |
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