| A | B |
|---|
| contracts | agreements between two or more parties that create obligations |
| offeror | the person who makes the offer |
| offeree | the person to whom the offer is made |
| offer | proprosal by an offeror to do something, provided the offeree does or refrains from doing something in return |
| revocation | the right to withdrawl an offer before it is accepted |
| counteroffer | the offeree changes the offeror's terms in important ways and sends it back to the offeror |
| option | the offeree gives the offeror something of value in return for a promise to keep the offer open |
| firm offer | contractual proposal in writing by a merchant stating how long the offer is to stay open |
| acceptance | occurs when a party to whom an offer has been made agrees to the proposal |
| mirror image rule | requires that the acceptance must exactly match the terms contained in the offer |
| bilateral contract | require that the offeree accept by communicating the requested promise to the offeror |
| unilateral contract | the offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance is to be made |
