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question 216

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Definitions:

Offeror

The party in a contract negotiation that proposes the terms of the agreement to another, the offeree.

Valid Means

Pertains to methods or actions that are legally sound and effective.

Acceptance

In contract law, an agreement to the terms of an offer, which creates a binding contract.

Bilateral

Pertains to agreements or contracts involving two parties where each side is obligated to fulfill certain duties.