| A | B |
|---|
| Contract | Agreement that courts will enforce |
| Offeror | One who communicates a serious definite proposal |
| Offerees | Persons to whom the offer is made |
| Offer | A proposal by an offeror |
| Test of the reasonable person | Objective legal test used by jurors or judges to determine whether the offeror has shown an intent to contract |
| Revocation | The right to withdraw an offer before it is accepted |
| Counteroffer | Offeree's response to an offer which modifies it |
| Option | Offeree gives the offeror something of value in return for a promise to keep the offer open |
| Firm Offer | Binding offer stating in writing how long it is to be held open |
| Mirror Image rule | Requires that the terms in the acceptance must exactly match the terms contained in the offer |
| Unilateral contracts | Offeror requires that the offeree indicate acceptance by performing his or her obligations under the contract |
| Bilateral contracts | Offer implies that it can be accepted by giving a promise to the offeror instead of performing the contracted-for act |
| Acceptance | Occurs when a party to whom an offer has been made agrees to the proposal |
