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Legal Environment

Chapter 11

TermDefinition
Acceptance A voluntary act by the offeree that shows consent, or agreement, to the terms of an offer.
Adhesion Contract A standard-form contract in which the stronger party dictates the terms.
Agreement A meeting of two or more minds in regard to the terms of a contract, usually broken down into two events: an offer and an acceptance.
Bilateral Contract A type of contract that arises when a promise is given in exchange for a return promise.
Click-on Agreement An agreement that arises when a buyer, engaging in a transaction on a computer, indicates assent to be bound by the terms of an offer by clicking on a button that says, for example, “I agree.”
Consideration The value given in return for a promise or a performance in a contractual agreement.
Contract An agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future.
Contractual Capacity The capacity required by the law for a party who enters into a contract to be bound by that contract.
Counteroffer An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
Covenant Not to Compete A contractual promise of one party to refrain from competing with another party for a certain period of time and within a certain geographic area.
E-Contract A contract that is formed electronically.
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.
Estop Bar, impede, or preclude.
Executed Contract A contract that has been completely performed by both parties.
Executory Contract A contract that has not yet been fully performed.
Express Contract A contract in which the terms of the agreement are stated in words, oral or written.
Formal Contract A contract that by law requires a specific form for its validity.
Implied Contract A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
Informal Contract A contract that does not require a specified form or formality to be valid.
Mailbox Rule A rule providing that an acceptance of an offer becomes effective on dispatch.
Mirror Image Rule A common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed.
Offer A promise or commitment to do or refrain from doing some specified act in the future.
Offeree A person to whom an offer is made.
Offeror A person who makes an offer.
Partnering Agreement An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
Promise An assertion that something either will or will not happen in the future.
Promissory Estoppel A doctrine that can be used to enforce a promise when the promisee has justifiably relied on it, and justice will be better served by enforcing it.
Revocation In contract law, the withdrawal of an offer by the offeror. Unless the offer is irrevocable, it can be revoked at any time prior to acceptance without liability.
Shrink-Wrap Agreement An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged.
Unconscionable Contract or Clause A contract or clause that is void on the basis of public policy because one party is forced to accept terms that are unfairly burdensome and that unfairly benefit the other party.
Unilateral Contract A contract that results when an offer can be accepted only by the offeree’s performance.
Created by: mjgraham237
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