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Chapter 10
Test #2
4
Law
Undergraduate 3
03/07/2009
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Term
Offeror
 Definition
the person who makes the offer
Term
Offeree
 Definition
the person who is given the offer
Term
Option
 Definition
a separate contract in which an offeror agree not to revoke her offer for a stated time in exchange for some valuable consideration.
Term
Firm Offer
 Definition
a signed, written offer by merchant containing assurances that it will be held open, and which is not revocable for the time states in the offer, or for a reasonable time if no such time is stated.
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