Essentials of Business Law chapter 8

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  1. Request for proposal
    A request for an offer or an invitation to negotiate that can be accepted or rejected by the person calling for a bid.
  2. Invitation to trade
    • An announcement published for the purpose of creating interest and attracting a response by many people.
    • It is not considered a valid offer because it does not contain sufficient words of commitment to sell.
  3. Public offer
    A general offer to the public at large.
  4. Mailbox rule
    A rule that states that an acceptance sent via the postal system or by courier is effective when sent.
  5. Counteroffer
    A response to an offer in which the terms and conditions of the original offer are changed.
  6. Termination by lapse of time
    When an opportunity to form a contract ends because the offeree fails to accept an offer within the time specified.
  7. Revocation
    The calling back of an offer by the offeror before the offer has been accepted or rejected.
  8. Rejection
    The express or implied refusal by an oferee to accept an offer.
  9. Option contract
    A contract that has a provision to keep an offer open for a certain period of time.
Card Set
Essentials of Business Law chapter 8
Chapter 8
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