UCC provision that examines the way parties have behaved in the past to determine present performance standards
Revocation
offeror canceling offer
Options
offers with considerations; promises to keep offer open
Merchant's firm offer
written offer signed by a merchant that states it will be kept open
Counteroffer
counterproposal to offer
Battle of the forms
UCC description of merchants' tendency to exchange purchase orders, invoices, confirmations, and so on with the mutual understanding that they have a contract; under Revised UCC, the court determines terms after the fact looking at intent, forms used, and the UCC terms
Acceptance
offeree's positive response to offer
Mailbox rule
timing rule for acceptance, referring to the case where stipulated means are specified for offer acceptance; if the offeror has required the acceptance to be mailed and the offeree properly mails the letter of acceptance, the acceptance is effective when it is sent, not received.
Consideration
something of value exchanged by the parties that distinguishes gifts from contracts; sometimes referred to as bargained-for exchange. what each party - offerer and offeree - gives up under the terms of the contract.
Charitable subscriptions
enforceable promises to make gifts
Promisory estoppel
reliance element used to enforce otherwise unenforceable contracts; used as a substitute for consideration in cases in which someone acts in reliance on a promise that is not supported by consideration.
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