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  2. Right of first refusal - Wikipedia

    en.wikipedia.org/wiki/Right_of_first_refusal

    ROFR: Abe owns a house and Bo offers to buy that house for $1 million. However, Carl holds a right of first refusal to purchase the house. Therefore, before Abe can sell the house to Bo, he must first offer it to Carl for the $1 million that Bo is willing to buy it for. If Carl accepts, he buys the house instead of Bo.

  3. Purchase order - Wikipedia

    en.wikipedia.org/wiki/Purchase_order

    A purchase order, often abbreviated to PO, is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services required. [1] It is used to control the purchasing of products and services from external suppliers. [2] Purchase orders can be an essential part of enterprise resource ...

  4. Letter of intent - Wikipedia

    en.wikipedia.org/wiki/Letter_of_intent

    A letter of intent ( LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding. Merger and acquisition agreements, [1] joint venture agreements ...

  5. Option contract - Wikipedia

    en.wikipedia.org/wiki/Option_contract

    An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer". [1] Option contracts are common in relation to property (see below) and in professional sports . An option contract is a type of contract that protects an offeree from ...

  6. Request for proposal - Wikipedia

    en.wikipedia.org/wiki/Request_for_proposal

    A request for association (RFA), also known as request for partnership or request for alliance, is a proposal from one party to another for acting together (usually in business) and sharing the benefits of this joint action. A request for expression (s) of interest (RFEI), is part of the EOI (expression of interest) discovery process in order ...

  7. Offer and acceptance - Wikipedia

    en.wikipedia.org/wiki/Offer_and_acceptance

    Contract law. Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity ). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments ...

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