BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -unilateral contract. Binding agreement created by an offer that is accepted by a promise of performance.

Detailed explanation-2: -The “Mirror Image Rule” is the requirement that the offeree must accept all of the offer’s original terms. The offeree may not modify or add any terms to the offer. If acceptance alters any terms or adds additional terms, no contract is formed. [38] Therefore, it is said that acceptance must “mirror” the offer.

Detailed explanation-3: -A merchant’s signed, written offer that, by its terms, assures that the offer will remain open. Under UCC § 2-205, a merchant’s firm offer is irrevocable for up to three months, despite lack of consideration.

Detailed explanation-4: -A unilateral contract can be accepted without the performance of an act by the offeree. An offer to create a unilateral contract cannot be accepted by a promise to perform. An offer to create a unilateral contract can be revoked by the offeror any time prior to the offeree’s performance of the requested act.