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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This note was uploaded on 09/14/2011 for the course BUSI 2301 taught by Professor Jefferyhirt during the Spring '11 term at Lone Star College System.

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