Examlex
The Gulf of Mexico oil spill in 2010 is one example of
Valid Contract
A legally binding agreement between parties that meets all requisite legal elements, such as offer, acceptance, consideration, and mutual consent.
Counteroffer
A reply to an offer in which the original conditions are modified, effectively rejecting the initial offer and presenting a new one for consideration.
Offer Termination
the revocation, rejection, or expiration of a proposal before it is accepted, which effectively ends the offer and prevents it from becoming a binding contract.
Uniform Commercial Code
A standardized set of laws and regulations that govern commercial transactions in the United States.
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