CH 10 - Agreement in Traditional and E-Contracts Mutual Assent

Question 0

OFFER (How to terminate it)

Answer 0

T = Time limit/ deadline/ definite
I = Illness (Old days -> based on ability to perform! Now -> anything)
R = Rejection, offeree says NO.
Revocation, offeror takes offer back
E = Expiration of reasonable time
D = Death/ destruction (special skills needed - Pick Asso)

Question 1

OFFER (you need 3 things for a good one)

Answer 1

Promise or commitment to perform or refrain from performing some specified act in the future.
I = intent is serious, no jokes/ no emotion
C = clearly stated, no vagueness
E = expressed to intended target

Question 2

OPTION

Answer 2

Buying time in NY ($ or signed/ writing)

Question 3

UCC FIRM OFFER

Answer 3

A promise by a merchant, involving goods promising to be held open for a certain time
3 MONTHS MAX!!!!!!

Question 4

GOL FIRM OFFER

Answer 4

Non-Merchant, no-goods –> reasonable time = Flexible

Question 5

IRREVOCABLE OPTION/ OFFER

Answer 5

Cannot be revoked for a certain time

Question 6

ACCEPTANCE (Flow Chart)

Answer 6

The expression of willingness to abide by the terms of a valid offer.
One makes an offer and you are willing to go with it.

Question 9

OPTION CONTRACT

Answer 9

Offeror cannot revoke the offer for a stipulated time period (Buying Time)

Question 10

UETA (UNIFORM ELECTRONIC TRANSACTIONS ACT)

Answer 10

Purpose: to remove barriers to e-commerce by giving the same legal effect to electronic records and signatures as is given to paper documents and signatures.

Question 16

COUNTEROFFER

Answer 16

Rejection of the original offer and the simultaneous making of a new offer.

Question 17

MAILBOX RULE OR DEPOSITED ACCEPTANCE RULE

Answer 17

Acceptance takes effect and completes formation of a contract, at the time the Offeree sends or delivers the acceptance via the communication mode authorized by the offeror.