Business Law Chapter 12

Agreement
The parties must agree on the terms of the contract and manifest to each other their mutual assent to the same bargain
Offer
A promise or commitment to do or refrain from doing some specified action in the future
Revocation
The offeror’s act of withdrawing an offer
Option contract
When an offeror promises to hold an offer open for a specified period of time in return for a payment given by the offeree
Counteroffer
A rejection of the original offer and the simultaneous making of a new offer
Acceptance
A voluntary act by the offeree that shows assent to the terms of an offer
Mirror Image rule
Requires the offer’s acceptance to match the offeror’s offer exactly-to mirror the offer
Mailbox rule
Acceptance takes effect, thus completing formation of the contract, at the time the offer send or delivers the communication vie the mode expressly or impliedly authorized by the offeror
e-contracts
Contracts that must meet the same basic requirements as paper contracts but are completed using an online platform
Forum-selection clause
Indicates the forum or location in which contract disputes will be resolved
Click-on agreement
The agreement resulting from such an acceptance
Shrink-wrap agreement
The terms are expressed inside the box in which the goods are packaged
Browse-wrap terms
Terms that can be completed over the internet but do not require Internet user to assent to the terms before downloading or using certain software
E-signature
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
Partnering agreement
A seller and a buyer who frequently do business with each other agree in advance on the terms and conditions that will apply to all transactions subsequently conducted electronically
Record
information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form