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legal aspects > CHAPTER 9 exam 3 > Flashcards

CHAPTER 9 exam 3 Flashcards

1
Q

mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract

A

agreement

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2
Q

agreement is evidence by two events:

A

offer and an acceptance

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3
Q

a promise or commitment to perform or refrain from performing some specified act in the future

A

offer

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4
Q

party making an offer is called

A

offeror

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5
Q

party to whom the offer is made is called the

A

offeree

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6
Q

there are three elements necessary for an offer to be effective

A
  1. there must be serious, objective intention by the offeror
  2. terms of the offer must be reasonably certain, or definite, so that the parties and the court can ascertain the terms of the contract
  3. the offer must be communicated to the offeree
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7
Q

a request or invitation to negotiate is not an offer. It only expresses a willingness to discuss the possibility of entering into contract

A

preliminary negotiations

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8
Q

price lists are another form of invitation to ____ or ____. a sellers price list is not an offer to sell at that price

A

negotiate or trade

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9
Q

Courts are more often saying that if two parties agree on all the important stuff and there are no arguments left to settle, even if it’s just a preliminary agreement, it counts as a real contract.

A

preliminary agreements

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10
Q

a contract must include the following terms:

A
  1. identification of parties
  2. idenfitication of the object or subject matter of the contract including the work needed to be performed, with specific identification of such items as goods, services, and land
  3. consideration to be paid
  4. the time of payment, delivery, or perfromance
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11
Q

an offer can be terminated by action of the parties in any of the three ways

A

revocation, rejection, or by counteroffer

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12
Q

the withdrawal of a contract offer by the offeror

A

revocation

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13
Q

revocation may be done by the following:

A
  1. express repudiation of the offer “ i withdraw my previous offer of oct 17
  2. performance of acts that are inconsistent with the existence of the offer and are made know to the offeree (f someone does something that shows they don’t want to keep the offer open anymore)
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14
Q

another form of ireevocable offer is

A

an option contract

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15
Q

created when an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree

A

option contract

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16
Q

revocation and rejection is only effective when it is recieved by the

A

offeror or the offeror’s agent

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17
Q

rejection of original offer and the simultaneous making of a new offer

A

counteroffer

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18
Q

requires the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed

A

mirror image rule

19
Q

power of the offeree to transform the offer into a binding, legal obligation can be terminated by operation of law through the occurrence of:

A
  1. lapse of time
  2. destruction of the specific subject matter of the offer
  3. death or incompetence of the offeror or offeree
  4. supervening illegality of the proposed contract
20
Q

a statue or court decision that makes an offer illegal automatically terminates the offer

A

supervening illegality

21
Q

voluntary act by the offeree that shows assent or agreement to the terms of an offer

A

acceptance

22
Q

the time the offeree sends or delievers the acceptance via the mode of communication expressly authorized by the offeror

A

mailbox rule(deposited acceptance rule)

23
Q

at a minimum, an online offer should include the following:

A
  1. acceptance of terms
  2. payment
  3. return policy
  4. disclaimer
  5. limitation on remedies
  6. privacy policy
  7. dispute resolution
23
Q

many contracts are formed online, electronic contracts or e-contracts must meet the same basic requirements:

A

agreement, consideration, contractualcapacity, and legality

24
Q

a clause that clearly indicates what constitutes the buyers agreement to the terms of the offer, such as a box containing the words “ i accept” that the buyer can click on

A

acceptance of terms

25
Q

a provision specifying how payment for the goods must be made

A

payment

26
Q

a statement of the sellers refund and return policies

A

return policy

27
Q

disclaimer of liability for certain uses of the goods.

A

disclaimer

28
Q

provision specifying the remedies available to the buyer if the goods are found to be defective or if the contract is otherwise breached

A

limitation on remedies

29
Q

statement indicating how the seller will use the info gathered about the buyer

A

privacy policy

30
Q

provisions relating to dispute settlement, such as an abritration clause

A

dispute resolution

31
Q

indicating the forum, or location for such court or jurisdiction, for the resolution of any dispute arising under the contract

A

forum-selection clause

32
Q

specifying that any dispute arising out of the contract will be settled in accordance with the law of a particular jurisdiction

A

choice-of-law clause

33
Q

a collection of common law contract principals, states where parties may agree to a contract by written or spoke words or by other action or failure to act”

A

restatement of contracts

34
Q

an agreement occurs when an online buyer clicks “ i agree”

A

click-on agreement

35
Q

An agreement whose terms are expressed inside a box in which goods are packaged

A

shrink-wrap agreement

36
Q

an online buyer downloads a product but that the buyer does not have to agree to before installing or using the product

A

browse-wrap terms

37
Q

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

A

e-signature

38
Q

a seller or buyer who frequently do business with each other agree in advance on the terms and conditions that will apply to all transactions conducted electronically

A

partnering agreement

39
Q

primary purpose is to remove barriers to e-commerce by giving the same legal effect to electronic records and signatures as is given to paper docs and signatures

A

Uniform electornic transactions act (UETA)

40
Q

info that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in visual form

A

record

41
Q

interaction between two or more parties relating to business, commercial or governmental activiites

A

transaction

42
Q

the UETA will not apply to a transaction unless

A

each of the parties has previously agreed to conduct transactions by electronic means

43
Q
A

legal aspects (18 decks)

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