LECTURE NOTES BUSINESS LAW CHAPTER 10 NOTES I. CHAPTER 10 OBJECTIVES Define agreement, offer and acceptance. Describe the required terms of an offer and describe the terms that can be implied in an offer. Describe special forms of offers, including Internet auctions. Define counteroffer and describe the effects of counteroffers. Describe how offers are terminated by acts of the parties and by operation of law. II. KEY QUESTION CHECKLIST Who has the power to make an offer? If a statement or promise is made, does it constitute a good offer, using the elements of the QQC test (quality, quantity, communication)