Offer and Acceptance

• key terms 1

  • offeror- person making the offer
  • offeree- the person to whom the offer is made
  • contract- agreement the law will enforce
  • acceptance- clear assent by the offeree to the terms set out by the offeror
  • offer- statement of terms of which the offeror is willing to be bound into a contract
  • consideration- something of value given by each party in the contract to another
• key terms 2

  • unilateral- one person promises something if the other party performs an act of some sort
  • bilateral- both parties promise to do something
  • counter offer- offer made by the offeree in response and different to the offerors offer
  • rejection- saying no to the offer
  • revocation offeror withdrawing their offer after a lapse of time