| A | B |
|---|
| contract | An agreement that courts will enforce. |
| offeror | The party who communicates a serious, definite offer. |
| offeree | 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 countract 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 a sale or purchase of goods that states in a signed writing how long the offer is to stay open. |
| acceptance | When a party to whom an offer has been made agrees to the proposal. |
| mirror image rule | The rule that the terms in the acceptance must exactly match the terms contained in the offer. |
| unilateral contract | Contracts in which the offeror requires that the offeree indicate acceptance by performing his or her obligations under the contract. |
| bilateral contracts | Contracts in which the offer implies that it can be accepted by giving a promise instead of performing the contracted-for act. |
