| A | B |
|---|
| in contracts, occurs when a party to whom an offer has been made agrees to the proposal; in commercial paper, drawee's promise to pay the draft when due | acceptance |
| offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act | bilateral contract |
| ability to understand | capacity |
| agreement between two parties that creates an obligation | contract |
| offeree's response to an offer which modifies it | counteroffer |
| contractual proposal in writing by a merchant stating how long the offer is to stay open | firm offer |
| code enacted in 1985 to attract foreign buyers for Chinese goods | Foreign Contract Law |
| a requirement stating that what parties agree to in a contract must be legal | legality |
| requires that the terms in the acceptance must exactly match the terms contained in the offer | mirror image rule |
| proposal by an offeror to do something, provided the offeree does something in return | offer |
| party to whom an offer is made | offeree |
| party who makes an offer to form a contract | offeror |
| separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open | option |
| withdrawing an offer before it is accepted | revocation |
| offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made | unilateral contract |
