Exam 10: The Formation of Traditional and E-Contracts

In effect,a counteroffer converts the original offeror into an offeree with the power of acceptance.

One element necessary for an effective offer is the offeror's subjective belief in its reasonableness.

Luke puts his motorcycle up for sale via a post on an online auction site.This is

Allen promises to pay Barb,his niece,$5,000 if she obtains her degree at City University,where she is in her third year.Barb graduates.Allen must pay Barb because

Acceptance is timely if it is effective before the offer is terminated.

For a contact to be considered valid and enforceable,the parties to a deal must

A contract provision that deprives one party of the benefits of the agreement may seem unfair but a court is not likely to consider it unconscionable.

Before the Uniform Electronic Transactions Act applies,each party to a transaction must agree to conduct it by electronic means.

Dale's Uncle Ed tells Dale,"If I feel you deserve it at the time,I will give you a new car when you graduate from college." Ed's promise is

If a contract between two parties is avoided

Business Software Corporation (BSC)sells business apps-wage,price,and inventory coordinating programs,for example-downloadable online.To complete a deal,a purchaser clicks on a button that,with reference to certain terms,states,"I agree." What is this agreement called? Do the parties have a binding,enforceable contract that includes the terms? Explain.

A preliminary agreement can constitute a binding contract if the parties have agreed on all essential terms.