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Flashcards on Business Law Chapter 12

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Agreement
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The parties must agree on the terms of the contract and manifest to each other their mutual assent to the same bargain
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Offer
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A promise or commitment to do or refrain from doing some specified action in the future
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Revocation
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The offeror’s act of withdrawing an offer
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Option contract
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When an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree
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Counteroffer
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A rejection of the original offer and the simultaneous making of a new offer
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Acceptance
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A voluntary act by the offeree that shows assent to the terms of an offer
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Mirror Image rule
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Requires the offer’s acceptance to match the offeror’s offer exactly-to mirror the offer
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Mailbox rule
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Acceptance takes effect, thus completing formation of the contract, at the time the offer send or delivers the communication vie the mode expressly or impliedly authorized by the offeror
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e-contracts
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Contracts that must meet the same basic requirements as paper contracts but are completed using an online platform
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Forum-selection clause
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Indicates the forum or location in which contract disputes will be resolved
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Click-on agreement
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The agreement resulting from such an acceptance
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Shrink-wrap agreement
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The terms are expressed inside the box in which the goods are packaged
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Browse-wrap terms
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Terms that can be completed over the internet but do not require Internet user to assent to the terms before downloading or using certain software
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E-signature
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an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record
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Partnering agreement
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A seller and a buyer who frequently do business with each other 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 that is stored in an electronic or other medium and is retrievable in perceivable form