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contracts
contracts defn.
9
Law
Graduate
12/07/2008

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Term
goods
Definition
any tangible thing that is moveable at the time of sale
Term
sale
Definition
the transfer of title for a price
Term
merchant
Definition
one who deals in goods of the kind or otherwise by his occupations holds himself out as having knowledge of the trade involved in the transaction
Term
contract
Definition
a promise or set of promises for the breach of which the law provides a remedy
Term
mutual assent
Definition
offer and acceptance
Term
offer
Definition
a manifestation of willingness to enter into a bargain
Term
acceptance
Definition
a manifestation of assent to the terms therof made by the offeree in a manner invited or required by the offer
Term
counter offer
Definition
an offer by the offeree to the offeror, relating to the same matter as the original offer and proposing a different substitute bargain (Rejection and new offer)
Term
agent
Definition
one with athourity, either applied or apparent, to bind a third party in an agreement
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