| A | B |
|---|
| Contract | An agreement that courts will enforce. |
| Offeror | The party who communicates a serious, definite offer. |
| Offerees | The party to whom an offer is made. |
| Offer | A proposal by an offeror to do something, provided the offeree does something in return. |
| Test of the reasonable person | An objective legal test of how a reasonable person would interpret conduct, regardless of how it was actually intended. |
| Revocation | The right to withdraw an offer before it is accepted. |
| Counteroffer | A change the offeree makes to the offeror's terms. |
| Option | A binding contract in which the offeree gives the offeror something of value in return for a promise to keep the offer open. |
| Firm offer | An offer by a merchant for sale or purchase of goods that states in a sugned writing how long the offer is to stay open. |
