Chapter 11 Vocabulary Flashcards
A mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract.
Agreement
A promise or commitment to perform or refrain from performing some specified act in the future.
Offer
The withdrawal of a contract offer by the offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability.
Revocation
An offeree’s response to an offer in which the offeree rejects the original offer and t the same time makes a new offer.
Counteroffer
A common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed.
Mirror Image Rule
A contract under which the offeror cannot revoke the offer for a stipulated time period (because the offeree has given consideration for the offer to remain open).
Open Contract
The act of voluntary agreeing, through words or conduct, to the terms of an offer, thereby creating a contract.
Acceptance
A common law rule that acceptance takes effect, and thus completes formation of the contract, at the time of offeree sends or delivers the acceptance via the communication mode expressly or implied authorized by the offeror.
Mailbox Rule
A contract that is formed electronically.
E-Contract
A provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract.
Forum-Selection Clause
An agreement that arises when an online buyer clicks on “I agree” or otherwise indicates her or his assent to be bound by the terms of an offer.
Click-On-Agreement
An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged.
Shrink-Wrap Agreement
A term or condition of use that is presented when an online buyer downloads a product but to which the buyer does not have to agree before installing or using the product.
Browse-Wrap Term
An electronic sound, symbol, or process attached to or logically associated with a record and adopted by a person with the intent to sign the record.
E-Signature
An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
Partnering Agreement
