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Business_Law_chap_7_vocab - Termination by lapse of time...

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Ben Quach Business Law vocabulary Chap 7 Request for proprosal – a request for an offer or an invitation to negotiate that can be accepted or rejected by the person calling for a bid. Public offer – a general offer to the public at large. Mailbox rule – a rule that states that an acceptance sent via the postal system or by courier is effective when sent. Counteroffer – a response to an offer in which the terms and conditions of the original offer are changed.
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Unformatted text preview: Termination by lapse of time – when an opportunity to form a contract ends because t he offeree fails to accept an offer within the time specified. Revocation – the calling back of an offer by the offeror before the offer has been accepted or rejected. Rejection – the express or implied refusal by an offeree to accept an offer....
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