This preview shows page 1. Sign up to view the full content.
Unformatted text preview: it is received by the offeror., mirror image rule:requires the offeree's acceptance to match the offeror's offer exactly., revocation:the offeror's act of withdrawing an offer., accord and satisfaction:when a debtor offers to pay, and a creditor accepts, a lesser amount than the creditor originally claimed was owed., consideration:the value given in return for a promise or in return for a performance., forbearance:refraining from an action that one has a legal right to undertake., promissory estoppel:when a person has reasonably and substantially relied on the promise of another, often to his or her detriment., rescission:the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made....
View Full Document
This note was uploaded on 02/15/2012 for the course ACCT 2402 taught by Professor Lewis during the Spring '10 term at Lone Star College System.
- Spring '10