This document defines key terms related to contract law, including proposal, acceptance, promise, promisor, and promisee. A proposal is a willingness to do or abstain from something in order to obtain another's assent. For a proposal to be accepted, the person it is made to must signify their assent to it. Once accepted, a proposal becomes a promise. The person making the proposal is the promisor, while the person accepting is the promisee. Acceptance must be absolute and unconditional, in the prescribed manner, and communicated to the offeror within a reasonable time period. The document provides tables to illustrate the concepts of proposal and acceptance.