quiz 1 - it is received by the offeror., mirror image...

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executory contract:a contract that has not been fully performed by the parties., express contract:an agreement  in which the terms are fully and explicitly stated in words, either oral or written., offeror:the party making the  offer., quantum meruit:"as much as he or she deserves" i.e. the recovery of compensation owed under a  contract implied in law., voidable contract:a valid contract that can be avoided at the option of one or both of the  parties., acceptance:a voluntary act by the offeree that shows assent (agreement) to the terms of the offer.,  counteroffer:a rejection of the original offer and the simultaneous making of a new offer., mailbox rule:an  acceptance becomes valid if the accepted mode of communication is the mail when it is dispatched - not when 
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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....
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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.

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