11. agreement in traditional and e-contracts
About this set
Created by:
ShiftyCapone on January 31, 2012
Subjects:
Log in to favorite or report as inappropriate.
Order by
45 terms
Terms | Definitions |
|---|---|
 agreement | the parties must agree on the terms of the contract and manifest to each otehr their mutual consent to teh same bargain |
| agreement is evidenced by what? | two events an offer and an acceptance |
| what are the other elements of a conrtract? | consideration, capacity, and legality |
| what does the objective theory of contracts mean? | a partys words and conduct are held to mean whatever a reasonable person in the offerees position would think they meant |
| requirements of the offer | 1. the offeror must have a serious intention to become bound by the offer 2. the 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 |
| what is intent determined by? | what a reasonable person in the oferees position would conclude the offerors words and actions meant |
| expressions of opinion | its not an offer, it does not indicate an intention to enter into a binding agreement |
| statements of future intent | a statement of an intention to do something in the future is not an offer |
| preliminary negotations | a request of invitation to negotiate is not an offer, it only expresses a willingness to discuss the possibly of entering in to a contract, the invitation to submit bids is not an offer, contractor doesn't bind the govt or private firm by submitting a bid (the bids that the contracts submit are only offers, but the govt and private firm can bind the contractor by accepting the bid) |
| advertisements | usually ads are treated not as offers to contract but as invitations to negotiate, price lists are an example of invitation merely is an offer for the buyer to buy at that price doesn't have to sell (prices subject to change) |
| auctions | a seller offers goods for sale through an auctioneer but tis not a form of contract, asking bidders to submit offers, rejection terminates an offer |
| auctions with and without reserve | with reserve: the seller may withdraw the goods at any time before the auctioneer closes the sale by announcement or by the fall of the hammer, assumed to be auctions with reserved, unless terms say without reserve where the goods cannot be withdrawn |
| agreements to agree | they may be enforceable agreements if it is clear that the parties intended to be bound by the agreements, the emphasis is on the parties intent rather than on form, increasingly the courts are holding that a preliminary agreement constitutes a binding contract if the parties have agreed on all essential terms and no disputed issues remain to be resolved |
| definiteness of terms | The second requirement for an effective offer |
| what do the specific terms required depend on? | the type of contract |
| what must a contract include? | Expressed in a contract or inferred from it 1. the identification of the parties 2. the identification of the object or subject matter of the contract (also quantity, when appropriate) including the work to be performed with specific identification of such items as goods services, and land 3. the consideration to be paid 4. the time of payment, delivery, or performance |
| what will happen when the parties have clearly manifested an intent to form a contract? | courts will sometimes willing to supply a missing term in a contract, especially in a sales contract, but a court will not rewrite a contract if the parties expression of intent is tooo vague or uncertain to be given with any precise meaning |
| Communication | The third requirement for an effective offer, the offer must be communicated to the offeree |
| termination of the offer | the communication of an effective offer to an offeree gives the oferee the power to transform the offer into a binding,legal obligation by an acceptance |
| what happens to teh power of acceptance? | it can be terminated either by the action of the parties or by operation of law |
| How can an offer be terminated? | Three ways: revocation rejection or counteroffer |
| What is revocation? | the offerer's act of withdrawing (revoking) an offer |
| What happens if the revocation is communicated to the offeree before the offeree accepts? | the offeror usually can revoke the offer as long the revocation is communicated to the offeree before the offeree accepts |
| how can revocation be accomplished? | by express repudiation of the offer (for example with a statement such as "I withdraw my previous offer of October 17" or by performance of acts that are inconsistent with the existence of the offer and are made known to the oferee (Selling the offered property to another person in the presence of the offeree) |
| what is the general rule followed by most states? | a revocation becomes effective when the offeree or the oferees agent actually receives it |
| how can an offer to the general public be revoked? | in the same manner that the offer was originally communicated |
| When do the courts refuse to allow an offeror to revoke an offer? | when the offeree has changed position because of justifiable reliance on the offer |
| what kind of offers made by merchants may also be considered irrevocable? | firm offer |
| how is an option contract created? | an offeror promises to gold an offer open for a specified period of time in return for a payment (consideration) given by the offeree |
| what does an option contract do? | takes away the offerors power to revoke the offer for the period of time specified in the option |
| what are option contracts frequently used in conjunction with? | the sale of lease of real estate |
| rejection of the offer by the offeree | if the oferee rejects the offer the offer is terminated, merely inquiring about an offer does not constitute rejection |
| what is a counteroffer? | a rejection of the original offer and the simultaneous making ofa new offer |
| what is the mirror image rule? | it requires the offerees acceptance to match the offerors offer exactly to mirror the offer |
| termination by operation of law | 1. lapse of time 2. destruction of the specific subject matter of the offer 3. death or incompetence of the offeror or the offeree 4. supervening illegality of the proposed contract |
| What constitutes as acceptance? | a voluntary act by the offeree that shows assent (agreement) to the terms of an offer |
| Uneuivocal acceptance | oferee must accept unequivocally, mirror image rule |
| What other ways are sometimes considered acceptance? | Silence does not constitute ordinarily even if the offeror states sometimes the offereeee does have a duty to speak , in these situations her or his silence or inaction will operate as an acceptance , Communication - not neccessary if the offer dispenses with the requirement, or if the offer can be accepted in silence Mode and timeliness of acceptance - in bilateral contracts acceptance must be timely, made before the offer is terminated |
| why is communication of acceptance necessary in a bilateral contract? | IT's in the form of a promise (not performance) and the contract is formed when the promise is made |
| when does acceptance take affect in the mail box rule? | at the time the offeree send or delivers tehe cmmunication via the mode expressly or implieddly authorized by the offeror, aceptance becomes valid when it is dispatched not when it is received by the offeror, does not apply to instant forms of communication |
| Online Offers | -include link to page containing full contract |
| what provisions should you include in an online contract? | 1. acceptance of terms 2. payment 3. return policy 4. disclaimer 5. limitation on remedies 6. privacy policy 7. dispute resolution |
| what does the forum selection clause do? | indicates location in which contract disputes will be resolved |
| What is a choice of law clause? | the parties specift that any duspute arising out if the contract will be settled in accordance with the law of a particular juiisdiction scj as a state or country |
| Online acceptances | -click on agreements -shirnk wrap agreements terms are in the box it comes in -Browse wrap terms - |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.