business law ch 11 slideshow

Agreement

Offer + Acceptance

Offer

A promise or commitment to perform or refrain from an act in the future

Offer - Intent

Serious objective intention judged by a reasonable person

Offer - Definiteness

Terms must be clear (parties, subject, price, time)

Offer - Communication

Must be communicated to the offeree

Rejection

Offeree refuses the offer, terminating it

Revocation

Offeror withdraws the offer

Counteroffer

Rejection of original offer and creation of a new offer

Mirror Image Rule

Acceptance must exactly match the offer

Termination by Law

Offer ends due to time lapse, destruction, death, or illegality

Acceptance

Voluntary agreement to the terms of an offer

Unequivocal Acceptance

Must clearly agree without changes

Silence as Acceptance

Usually not acceptance unless exceptions apply

Unilateral Contract

Acceptance by performing an act

Bilateral Contract

Acceptance by promise

E-Contract

Electronic contract formed online

E-Signature

Electronic symbol or process showing intent to sign

E-SIGN Act

Electronic contracts cannot be denied legal effect

UETA

Gives electronic records and signatures same legal effect as paper

Forum-Selection Clause

Specifies which court will resolve disputes

Choice-of-Law Clause

Specifies which jurisdiction's law applies