| A | B |
|---|
| acceptance | affirmative response necessary to transform an offer into a contract |
| bilateral contract | offeree can accept offer by giving a promise to the offeror instead of performing the contracted act |
| contract | agreement that legally effective and enforceable in court |
| counteroffer | response by offeree, with new terms, which ends the original offer |
| firm offer | signed writing by a merchant promising to leave an offer open |
| mirror image rule | requires that the terms in acceptance exactly match the terms in the offer |
| offer | proposal by offeror to do something provided offeree does something in return |
| offeree | party to whom an offer is made |
| offeror | party who makes an offer to form a contract |
| option | separate contract arising when the offeree gives offeror something for a promise to leave offer open |
| revocation | offeror's act that invalidates an offer |
| test of the reasonable person | objective legal test used by jurors or judges to determine whether offeror has shown intent to contract |
| unilateral contract | binding agreement created by an offer that is accepted by a promise of performance |
| capacity | abilty to contract for one's self rather than obligated to use parents or legal help |
| consideration | something of legal value given in a contract |
