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Business Law Ch. 12

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acceptance
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voluntary act by the offeree that shows assent (agreement) to the terms of an offer [includes either words or conduct]
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agreement
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includes both offer & acceptance Essential requirement for contract formation. [mutual assent]
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browse-wrap terms
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do not require Internet users to assent to the terms before downloading or using certain software. The person can install the software without clicking “I agree” to the terms of a license.
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click-on agreement
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agreement resulting from clicking on a box indicating “I accept” to accept an online offer
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counteroffer
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rejection of the original offer and the simultaneous making of a new offer
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e-contract
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electronic contract [must meet same basic requirements as paper contracts]
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e-signature
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electronic sounds, symbol, or process attached to a record and executed by a person with the intent to sign the record
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forum-selection clause
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indicates the forum, or location (court or jurisdiction), in which the contract disputes will be resolved
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mailbox rule
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acceptance takes place once the completed information is sent via the mode agreed to by the offeror {a.k.a. rule that acceptance of an offer is binding to the offeror when the offer is dispatched.}
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mirror image rule
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requires the offeree’s acceptance to match the offeror’s offer exactly [to mirror the offer]
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offer
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agreement or commitment to do or refrain from doing some specified action in the future 3 elements to an offer: (1) serious intention to become bound by offer (2) reasonably certain terms (3) offer communicated to offeree
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option contract
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created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree -take away offeror’s power to revoke the offer for the period of time specified in the option [form of irrevocable offer]
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partnering agreement
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seller and buyer who frequently do business together agree in advance on the terms and conditions that will apply to all transactions subsequently conducted electronically
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record
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information that is inscribed on a tangible medium or is stored in an electronic or other medium and is retrievable in perceivable form
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revocation
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offeror’s act of withdrawing (revoking) an offer
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shrink-wrap agreement
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terms are expressed inside the box in which the goods are packaged [the part who opens the box is told that he agrees to the terms by keeping whatever is in the box]