Offer— A promise to do or refrain from doing some specified thing in the future, conditioned on an act, forbearance, or return promise being given in exchange for the promise or its performance; a display of willingness to enter into a contract on specified terms, made in a way that would lead a reasonable person to understand that an acceptance, having been sought, will result in a binding contract.
Acceptance—An offeree's assent, either by express act or by implication from conduct, to the terms of an offer in a manner authorized or requested by the offeror, so that a binding contract is formed.
Counter-offer—An offeree's new offer that varies the terms of the original offer and that ordinarily rejects and terminates the original offer.
Consideration—Something (such as an act, a forbearance, or a return promise) bargained for and received by a promisor from a promisee; that which motivates a person to do something, especially to engage in a legal act.
Performance—The successful completion of a contractual duty, usually resulting in the performer's release from any past or future liability.
† All definitions come from Black’s Law Dictionary
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