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B Law Unit 1 Ch 10

TermDefinition
agreement A mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract.
offer A promise or commitment to perform or refrain from performing some specified act in the future.
revocation The withdrawal of a contract offer by the offeror. Can be done at any time prior to acceptance without liability, unless the offer is ir---able.
counteroffer An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
mirror image rule 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.
option contract 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).
acceptance The act of voluntarily agreeing, through words or conduct, to the terms of an offer, thereby creating a contract.
mailbox rule A common law rule that acceptance takes effect, and thus completes formation of the contract, at the time the offeree sends or delivers the acceptance via the communication mode expressly or impliedly authorized by the offeror.
e-contract A contract that is formed electronically.
click-on agreement An agreement that arises when an online buyer clicks on “I agree,” or otherwise indicates his asset to be bound by the terms of an offer.
shrink-wrap agreement An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged.
browse-wrap term A term or condition of use that is presented when an online buyer downloads a product but the buyer does not have to agree to before installing or using the product.
e-signature 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.
partnering agreement 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.
record Information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
Created by: leighg2011