Business Law Ch. 7

- an agreement to do or not to do a certain thing - enforceable by the courts

A contract is:

mailbox rule

A receipt from the post office that an acceptance was mailed will prove that a contract exists according to the:

- unequivocal - unqualified - in absolute agreement with each and every term of the offer

Acceptance under the "mirror image rule" must be:

-the payment of money -the specific performance of the act promised in the contract

Damages may require:

- a present intention to contract: the objective theory is used to consider the words spoken and the surrounding circumstances - definite terms: identity of the parties; identified subject matter and quality; the payment of the price; and the time for performance. -communication of the offer to the offeree

Describe the three items that must be included in an offer for it to be valid

is immediately terminated

If a court decision or statute makes the subject matter of an offer illegal, the offer:

formed, but the conflicting terms do not become part of the contract

If the offer and acceptance contain different or conflicting terms, a contract is:

received by the offeror

Rejections are effective to terminate offers when they are:

boilerplate clauses

Standard Clauses in contracts are often referred to as:

offeror

The "master of the offer" is the:

clickwrap agreement

When using an online site, if a person is required to click the "I agree" box before continuing, it is called a(n):