LENB 3135 Chapter 10: The Formation Of Traditional
LENB 3135 Chapter 10: The Formation of Traditional
Exam (elaborations)
LENB 3135 Chapter 10: The Formation of Traditional and E-Contracts Questions + Answers Graded A+
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LENB 3135 Chapter 10: The Formation of Traditional
Institution
LENB 3135 Chapter 10: The Formation Of Traditional
Unconscionable Contract or Clause - ️️A contract or clause that is void on the basis
of public policy because one party was forced to accept terms that are unfairly
burdensome and that unfairly benefit the stronger party
A Mailbox Rule - ️️The common law rule that acceptance takes effect...
LENB 3135 Chapter 10: The Formation of
Traditional and E-Contracts
Unconscionable Contract or Clause - ✔️✔️A contract or clause that is void on the basis
of public policy because one party was forced to accept terms that are unfairly
burdensome and that unfairly benefit the stronger party
A Mailbox Rule - ✔️✔️The common law rule that acceptance takes effect, and thus a
contract is formed, at the time the offeree sends or delivers the acceptance using the
communication mode expressly or impliedly authorized by the offeror
Agreement - ✔️✔️A mutual understanding between two or more individuals regarding
the terms of a contract
Bilateral Contract - ✔️✔️A type of contract that arises when a promise is given in
exchange for a promise
Browse-Wrap Term - ✔️✔️A term or condition of use that is presented when an online
buyer downloads a product but that does not require the buyer's explicit agreement
Click-On Agreement - ✔️✔️An agreement that arises when an online buyer clicks on "I
agree" or otherwise indicates assent to be bound by the terms of an offer
Consideration - ✔️✔️The value given in return for a promise or performance in a
contractual agreement
Contract - ✔️✔️A set of promises constituting an agreement between parties, giving
each a legal duty to the other and the right to seek a remedy for the breach of the
promises or duties
cceptance - ✔️✔️The act of voluntarily agreeing, through words or conduct, to the
terms of an offer, thereby creating a contract
Contractual Capacity - ✔️✔️The legal ability to enter into contracts - the threshold
mental capacity required by 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 party's contractual promise to refrain from
competing with another party for a certain period of time and within a certain geographic
area
Disaffirmance - ✔️✔️The legal avoidance, or setting aside, of a contractual obligation
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 adopted by a person with the intent to sign the record
Exculpatory Clause - ✔️✔️A clause that releases a contractual party from liability in the
event of monetary or physical injury, no matter who is at fault
Executed Contract - ✔️✔️A contract that has been fully 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
Forbearance - ✔️✔️The act of refraining from an action that one has a legal right to
undertake
Formal Contract - ✔️✔️An agreement 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
Informal Contract - ✔️✔️A contract that does not require a specific form or method of
creation to be valid
Unequivocal Acceptance - ✔️✔️Mirror Image Rule - A common law rule that requires
the terms of the offeree's acceptance to exactly match the terms of the offeror's offer for
a valid contract to be formed
Objective Theory of Contracts - ✔️✔️A theory under which the intent to form a contract
will be judged by outward, objective facts as interpreted by a reasonable person, rather
than by the parties' own subjective intentions
Offer - ✔️✔️A promise or commitment to perform or refrain from performing some
specified act in the future
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