MGMT 254 CHAPTER 12 FLASHCARDS | MGMT 254 CH 12 QUESTIONS AND ANSWERS STUDY GUIDE 2026/2027

MGMT 254 Ch 12 Flashcards |




MGMT 254 CHAPTER 12 FLASHCARDS | MGMT 254 CH 12 QUESTIONS
AND ANSWERS STUDY GUIDE 2026/2027

MGMT 254 Ch 12




MGMT 254 CHAPTER 12 FLASHCARDS |
MGMT 254 CH 12 QUESTIONS AND
ANSWERS STUDY GUIDE 2026/2027



Offer Expression of an offeror's willingness to enter into a
contractual agreement

Offer Offeror must be objectively intend to be bound by the
offer.

Objective vs subjective It must be based on what a reasonable person would do
not what someone subjectively thinks.
Reasonable Person Whether a reasonable person would believe the intent of
Standard the offer.

Terms must be definite and reasonably certain

These must be 1. Parties, 2 Subject Matter, Time for Performance, and
communicated in the Price.
contract

Requirements of an 1.Contractual Intention
Offer 2.Definiteness
3.Communication of Offer to Offeree

Definiteness the contract must be definite and certain so that it is
capable of being enforced.



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