Blaw 2

lcarter's version from 2016-04-24 21:17

Section 1

Question Answer
AgreementWhen the parties reach mutual assent for a contract
OfferPromise to do or not to do an act
Three elements of an offerSerious intention, reasonably certain, Communication to offeree
Expression of opinionNot a valid offer
Statement of future intentNot a valid offer

Section 2

Question Answer
Preliminary NegotiationsIs not an offer, but invitation to negotiate
AdvertisementsTreated as invitations to negotiate
AuctionsBidders are seen as the ones submitting an offer
With ReserveAuction seller can withdraw at any time before closing the sale
Without reserveAuction seller can't withdraw
Agreements to AgreeConsidered enforcable

Section 3

Question Answer
Contract must inlcudeParties, subject matter, consideration to be paid, time of performance
RevocationOffer's act of withdrawing
Irrevocable contractspromissory estopel, option contract
RejectionRejection by offeree
CounterofferOfferee rejects original and proposes new offer
Termination by lawLapse of time, destruction of subject matter, Death or incompetence, Illegality

Section 4

Question Answer
AcceptanceVoluntary act that offeree shows assent
Unequivocal AcceptanceMirror Image Rule; Offeree must have accepted exact terms that offeror offered
Mailbox RuleWhen mail is medium, contract is accepted as soon as it is dispatched
Online offer displaysHypertext link to full terms must be included
Forum-Selection ClauseIndicates location where disputes will be solved
Choice of law clauseIndicates which territory's set of laws will be used

Section 5

Question Answer
Click-on agreementsClicking on a box that says "I agree" or something similar
Shrink-wrap agreementTerms are expressed inside product's box

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