Chapter 17 Contracts and Intellectual Property Flashcards
an assurance that one will or will not do something in the future.
Promise
A meeting of the minds, and a requirement for a valid contract. Involves two distinct events: an offer to form a contract and the acceptance of that offer by the offeree.
Offer
the party making the offer
Offerror
the party to whom the offer is being made
offerree
In contract law, the offeree’s indication to the off error that the offeree agrees to be bound by the terms of the off error’s offer, or proposal to form a contract.
Acceptance
A common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offer’s offer for a valid contract to be formed.
Mirror image rule
A rule providing that an acceptance of an offer takes effect at the time it is communicated via the mode expressly impliedly authorized by the off error, rather than at the time it is actually received by the offer. If an acceptance is to be made by mail, it becomes effective the moment it is placed in the mailbox.
Mailbox Rule
An agreement that arises when a buyer engaging in a transaction on a computer indicated his or her assent to be bound by the terms if an offer by clicking on a button that says, for example “I Agree” sometimes referred to as a click on license or click wrap agreement.
Click on agreement
something of value, such as money of the performance of an action not otherwise required, that motivates the formation of a contract. Each party must give consideration for the contract to be binding.
Consideration
a doctrine under which a promise is binding if the promise is clear and definite, the promise justifiably relies on the promise, the reliance is reasonable and substantial, and justice will be better serviced by enforcement of the promise.
Promissory estoppel
