Chapter 12 Flashcards
What are the three elements of an offer (agreement stage of contract)?
- Intent (Agreement) 2. Terms (parties, subject matter, consideration, timing) 3. Communicated
What is agreement in contracts?
Offer, acceptance, intent, terms, communication
What does an offer require to be effective?
Intention to be bound, definite terms, communicated to offeree.
What is intention in contracts?
Intent to be bound by contract, reasonable person in the offeree’s position standard.
During agreement, what aspects of intent can be lacking?
Opinion, statements of future, preliminary negotiations or invitations to negotiate, advertisements, agreements to agree unless intent to be bound, preliminary agreements.
What are the definite terms needed in offer?
Parties, subject matter or object, consideration, timing, if terms are missing contract can still be valid if intent to form a contract.
What is the communication aspect of offers?
Communicated to offeree, cannot agree without knowing, acceptance must be communicated as well.
How can an offer be terminated?
Revocation, offer withdrawn by offeror before offeree accepts (N/A if option contract). Rejection, by words or conduct. Counteroffer, rejection with new offer.
How can termination by operation of law occur during the offer?
Lapse of time, destruction of subject matter, death or incompetence of the offeror or offeree, supervening illegality (change of law).
What is acceptance during agreement?
Acceptance is voluntary act or statement indicating agreement to offer, silence generally not acceptance (if chance to reject and does not = accepted).
What communication of acceptance is required for unilateral contracts?
No need to accept, cannot revoke once performance has begun.
What is the communication of acceptance required for bilateral contracts?
Bilateral acceptance is timely, if before offer is terminated.
E-contracts have ______ requirements as a traditional contract. Online offers needs hyperlink to page with full contract. Forum selection clause is ______ or manner to solve disputes
Same, location
What are the online acceptance methods for E-Contracts?
Click on agreements, shrink-wrap agreements, terms inside the box agree by keeping merchandise.
When you sign an e-contract, you must use electronic _________.
Signatures
