Business Law Study Guide Graded A+

acceptance of an offer {Ans: the general rule of contract provides that the __________ must be the same as the offer, and that if there are any material (important) differences between the offer and the acceptance, the acceptance is regarded as a rejection of the offer}formal contract {Ans: a specialty contract that is written and under seal}insane {Ans: a contract with a person who has been declared ___ by the courts is void even if the other party who contracted with the incompetent individual did not know that he or she had been declared ____ by the courts}abstract of judgment {Ans: is a written summary of a judgement which states how much money the losing defendant owes to the person who won the lawsuit, the rate of interest to be paid on the judgement amount, court costs, and any specific orders that the losing defendant must obey, which abstract is acknowledged and stamped so that it can be recorded and made official with he government}UCC (revocation) {Ans: that any written offer by a merchant to buy or sell goods that states that the offer will be held open for a specified time period cannot be