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Commercial Law
Com Law Chap. 3 Vocab
21
Law
Graduate
09/20/2012

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Term
Offer
Definition
a proposal manifesting a willingness to enter into a contract; intent to be bound by the terms of the proposal
Term
Offeror
Definition
the person making the offer
Term
Offeree
Definition
the person to whom an offer is made
Term
Reasonable Person Standard
Definition
uphold facts inferred by what a reasonable person would do or believe
Term
preliminary negotiation
Definition
invitation to ask another party to enter into a process of a contract
Term
Auction without reserve
Definition
is one which the seller may withdraw the items for sale until the auctioneer announces the completion of the sale (or electronic door closes); seller is deeme to be inviting offers.
Term
Auction Without Reserve
Definition
after the auctioneer calls for bids, the seller cannot withdraw; this is an offer, no going back, must accept offer; the seller is the offeror; final bid is when acceptance takes place.
Term
Output Contract
Definition
cannot know the amount of the product (such as potatoes grown). It is a contract where the seller agrees to sell all its products to one buyer.
Term
Requirements Contract
Definition
a contract where the buyer agrees to purchase all of the product he needs from a particular seller
Term
Time is of the Essence
Definition
a provision in a contract where it must be performed by a particular time or the contract is deeded breach. ex.contract to buy/sell real property to get financing for closing
Term
Acceptance
Definition
the response by the offeree to the offeror of an intent to be bound to the terms set out in the offer
Term
Mailbox rule
Definition
if mailing an acceptance, it is considered accepted and effective the day it is mailed, not the date it is received.
Term
Clickwrap Agreement
Definition
internet contract requiring that a person interact online (clicking) indicating acceptance of an offer
Term
Counteroffer
Definition
when the terms are changed by the offeree; the roles change and the offeree becomes the offeror;

A counteroffer is a rejection of the original offer.
Term
Rejection
Definition
any act or word by the offeree conveying the offeree's refusal of the offer;
Term
Revocation
Definition
withdrawal of the offer by the offeror; has to be revoked before the offeree accepts and no an options K
Term
Option K (Contract
Definition
an agreement supported by consideration that the offeror will not revoke the offer for a specfied period of time; often an additional cost is required
Term
Lapse
Definition
the termination of an offer because the offeror does not accept the offer within a stated time or if there is not one, in a reasonable time
Term
Operation of Law
Definition
a term of are meaning that a law will affect the outcome of a transaction regardless of the actions of the parties; ex. illegality of the subject matter; death of the offeror or offeree; insanity; destruction of the subject matter
Term
Unilateral K
Definition
a promise for performance; beginning performance constitutes acceptance of a contract.
Term
Bilateral K
Definition
a promise for a promise; offer accepted when the party says yes.
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